Open, post to and balance the appropriation account in the general ledger of Newcastle Enterprises for the year ended 29 February 2020.(Round to 2 decimal places) The following information was taken from the books of Newcastle Enterprises.Balances in the general ledger of Newcastle Enterprises for the financial year ended29 February 2020.АccountFol.Debit(R)Credit(R)Capital: M. Manchester(1 March50 0002019)Capital: L. Liverpool (1 March70 0002019)Current: M. Manchester (1 March18 0002019)Current: L. Liverpool (1 March8 0002019)Drawings: M. Manchester5 000Drawings: L. Liverpool4 000Replacement Reserve65 000Profit and Loss420 000Property, plant and equipment670 000Appropriations according to the partnership agreement for the financial year ended29 February 2020:1.Interest on capital must be appropriated at 5% per annum. Capital accountbalances remain constant.2.Interest on drawings must be appropriated at 12% per annum. Assumedrawings were made 3 months prior to the end of the financial year.3.Interest on current accounts must be appropriated at 7% per annum (onopening balances).© The Independent Institute of Education (Pty) Ltd 2020Page 11 of 142020204.Both partners must receive an annual salary at the end of the financial yearas follows:M. Manchester – R65 000L. Liverpool – R45 0005.L. Liverpool must receive an annual bonus of R10 000 at the end of thefinancial year.6.R35 000 must be transferred to the replacement reserve at the end of thefinancial year.7.The remaining profit must be split between the partners in the followingratio:M. Manchester: 5L. Liverpool: 3

Answered: Image /qna-images/answer/a80034da-2ab5-47a0-ba06-38e7c7fafcfd.jpg

Answered: ost to and balance the appropriation…

ost to and balance the appropriation account in the general ledger of Newcastle Enterprises for the year ended 29 February 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The following amortization and interest schedule reflects the issuance of 10-year bonds by Wildhorse…

A: The bonds are the financial instruments that are issued to raise money from the market or investors.…

Q: Following is the trial balance of City of Kendall Green’s General Fund at December 31, 2019. Using…

A: Every company maintains its records under which it prepares the financial statements which include…

Q: city of minden capital projects fund pre-closing trial balance december 32, 2026

A: DateAccountDebit ($)Credit ($)Cash (Bond Issuance)840,000Premium on Bonds20,000Bonds…

Q: epare the journal entry to record the cap

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: The Town of Surton uses the purchases method of accounting for investory of consumable supplies in…

A: Part 2: Explanation:Step 1: Calculate the cost of inventory at the end of 2021: Inventory at the…

Q: ente the liability sec

A: Here Montano Inc. issued bonds at 9% when the market interest rate was 7%. Due…

Q: Requirements- Journalize the following transactions for Zillow. Include an explanation for each…

A: solution : given face value of bond = $140,000 coupon rate =10% interest payable…

Q: On January 1, 2020, a city purchased office supplies for $103,000. During the year, $78,000 of these…

A: When we purchase supplies, we must make journal entry at their full cost.

Q: Adjusting entry: On 1 February 2021, Design Thinking Pty Ltd obtained a three year bank loan of…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: For Keke Baking, owned by Lingo, the financial year ends on December 31. On January 1, 2023, an…

A: Water expense:The water expense is classified as a utility expense and shown on the debit side of…

Q: Requirements 1. Journalize the following transactions of Laporte Communications, Inc.: 2. At…

Q: On January 1, 2018, the Apex Company exchanged some shares of common stock it had been holding as…

A: Effective annual interest rate: The effective annual interest rate is said to be the real return on…

Q: The following amortization and interest schedule reflects the issuance of 10-year bonds by Sheridan…

A: A bond is issued at par value (or face value), at a discount, or at a premium. The interest expense…

Q: A corporation borrowed money through an 9-month, 8% note for $120,000 on September 1, 2020. The note…

A: Formula: Interest amount = Notes amount x Interest rate x Time period

Q: The following trial balance of the Employees’ Retirement System Fund for Bedrock City was prepared…

A: Employee Trust Fund: An employee trust fund is a form of a long term saving plan established as a…

Q: The following transactions relate to the General Fund of the City of Buffalo Falls for the year…

A: Fund accounting is an accounting for recording resources whose use has been limited by donor,…

Q: The town of quincy's fiscal year ends on June 30. The following data relate to the property tax levy…

A: Journal entries are made to record every transaction in different accounting heads by using double…

Q: How much is to be the allocated for General Reserved fund

A: A reserve fund is maintained by the company in order to have sufficient funds to meet the costs and…

Q: Provide the journal entires for the Governmental Fund and Governmental Activity. Taxes levied due…

A: Fund accounting - is an accounting method or system used to record the amount received against…

Q: Go to the U.S. General Services Administration (GSA) website (www.gsa.gov). For the fiscal year, be…

A: According to U.S. State Department of Commerce, Per Diem Rates are the amount(money) each traveller…

Q: The City of Amarillo is authorized to issue $6,000,000, 5 percent regular serial bonds in 2023 for…

A: Nonprofits typically rely on donations, grants, and other types of funding to support their programs…

Q: age prepared through a transfer from the General Fund. Accounts payable Accounts receivable Accrued…

A: Journal entry Method of recording financial transactions in the book of original entry by debiting…

Q: A company borrowed P71,550 from Feb. 24, 2019 to May 28, 2023 with 0.25 simple interest. Find the…

A: Amount borrowed = P 71,550 Total days Feb 24, 2019, to May 28, 2023, = 1554 days as there are 4…

Q: Enter the following information into a manual journal with credits/debits:

A: The accrual basis of accounting is the method by which revenues and expenses are recognized when…

Q: The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of Dec its…

A: A key instrument for displaying a company's overall financial health and well-being is the cash flow…

Q: e. On the basis of the schedule above, prepare the journal entry or entries to record the bond…

A: Please find the required journal entries based on the amortization table provided in the question in…

Q: On March 2, 2022, 20-year, 3 percent, general obligation serial bonds were issued at the face amount…

A: The objective of the question is to calculate the interest expenditure for the fiscal year ending…

Q: The following amortization schedule indicates the interest and principal to be repaid on an…

A: Note payable is a financial instrument which is used to make a certain amount of payment at the date…

Q: On March 2, 2022, 20-year, 3 percent, general obligation serial bonds were issued at the face amount…

A: face amount bond is = $3,000,000Interest of = 3%

Q: Write a brief report about the accruals and deferrals of Amazon’s 2018 annual report.

A: Accrual - The process of recording transactions w.r.t Income or Expenses to the accounting period to…

Q: QUESTION 8 On January 1 2018, Trademark Bhd issued 1,000 units, 10-year debentures, RM1,000 per…

A: Debentures are the securities that a company issue to raise capital for the company. A fixed-rate of…

Q: period? wer. t be deposted nto the brokeragers commission urt within 24hours of recept Funds must be…

A: Real estate and brokers act refers to the act which specifies all the desired set of rules and…

Q: 6,000,000.00 to cover funding requirements for the 1st quarter of 2021.

A: Budget and management refer to the process of maintaining and tracking all the transactions…

Q: The following amortization schedule indicates the interest and principal that Chip's Cookie…

A: The journal entries are prepared to record the transactions on regular basis. The interest is paid…

Q: At December 31, 2020, Coronado Corporation has the following account balances: Bonds payable, due…

A: Total liabilities = Current Liabilities + Non-Current Liabilities

Q: Adjusting entry: On 1 December 2019, Count-On-Us Pty Ltd invested $50,000 in a term deposit at…

A: The adjustment entries are made to adjust the profits and losses of the current year.

Q: ncluded in Bonita Company’s December 31, 2020, trial balance are the following accounts: Accounts…

A: Liability refers to the amount which is owned by the company to the outsiders. On the basis of…

Q: Required information [The following information applies to the questions displayed below.] The…

A: A key instrument for displaying a company's overall financial health and well-being is the cash flow…

Q: Prepare a continuity schedule for the plan assets over the three-year period. (Round answers to O…

A: Business Continuity Plan :— it Include step by step Procedure. BCP is only required when there is a…

Q: 5. Soriano's Corporation's liability account balances at June 30, 2020, included a 10% notes payable…

A: From date of issue of note (October 1,2019) to june 30,2021 number of months interest accrued = 9…

Q: Donna Clark Company issued $612,000 of 9%, 20-year bonds on January 1, 2025, at 101. Interest is…

A: Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and…

Q: repare all necessary journal entries to record this transaction.

A: Allowance for Doubtful debts: Allowance for doubtful debts is determined as the reduction in the…

Q: What would be the journal entry for the following statement when converting from modified accrual to…

A: The accrual concept is important because it provides a more accurate picture of a company's…

Q: Create journal entries for the following:

A: a. No entry is made on the grant date as no transaction is being entered into by an employee and…

Q: Record the appropriation of $77000 of retained earnings on December 31, 2022, by Jack Inc. to…

A: Appropriation of retained earnings is a common practice used by companies to set aside a portion of…

Question

Open, post to and balance the appropriation account in the general ledger of Newcastle Enterprises for the year ended 29 February 2020.
(Round to 2 decimal places)

The following information was taken from the books of Newcastle Enterprises.
Balances in the general ledger of Newcastle Enterprises for the financial year ended
29 February 2020.
Аccount
Fol.
Debit(R)
Credit(R)
Capital: M. Manchester(1 March
50 000
2019)
Capital: L. Liverpool (1 March
70 000
2019)
Current: M. Manchester (1 March
18 000
2019)
Current: L. Liverpool (1 March
8 000
2019)
Drawings: M. Manchester
5 000
Drawings: L. Liverpool
4 000
Replacement Reserve
65 000
Profit and Loss
420 000
Property, plant and equipment
670 000
Appropriations according to the partnership agreement for the financial year ended
29 February 2020:
1.
Interest on capital must be appropriated at 5% per annum. Capital account
balances remain constant.
2.
Interest on drawings must be appropriated at 12% per annum. Assume
drawings were made 3 months prior to the end of the financial year.
3.
Interest on current accounts must be appropriated at 7% per annum (on
opening balances).
© The Independent Institute of Education (Pty) Ltd 2020
Page 11 of 14
20
2020
4.
Both partners must receive an annual salary at the end of the financial year
as follows:
M. Manchester – R65 000
L. Liverpool – R45 000
5.
L. Liverpool must receive an annual bonus of R10 000 at the end of the
financial year.
6.
R35 000 must be transferred to the replacement reserve at the end of the
financial year.
7.
The remaining profit must be split between the partners in the following
ratio:
M. Manchester: 5
L. Liverpool: 3

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Interest payable 79,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classif (Enter account name only and do not provide descriptive information.) V Kingbird Corporation Balance Sheet (Partial) $ $
Subject - account
Expenditure accruals A state whose fiscal year ends June 30, 2022, had the following transactions and events. For each item, compute how much total expenditures the state will report in the General Fund Statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2022. 1. During the year, the state paid salaries of $3,780,000. Its employees also earned $157,500 during the period June 23 to June 30, but the payroll for that period will be paid on July 12. $0 2. The state permits its employees to accumulate up to 30 days of vacation leave. The employees are entitled to be paid on termination or retirement for any unused vacation days. At the beginning of the fiscal year, the state's liability for unused vacation pay was $756,000. By the end of the fiscal year, the vacation pay liability had increased to $850,500. The latter amount includes $16,800 owed to employees who retired as of June 30, 2022 with unused vacation pay. That amount will be paid on July…
at the end of the 2023 fiscal year the general fund had $500 in encumbrances that remained opened into fiscal year 2024. In 2024 the encumbered goods were received at an invoiced cost of $520. How much would be recorded as the 2024 expenditure?
7. A corporation reporting on a fiscal year ending every March 31 shall file its 2019 income tax return not later than * a. April 15, 2019 O b. July 15, 2020 O c. April 15, 2020 O d. June 15, 2020
Heinz Company’s post-closing trial balance as of December 31, 2018, and the adjusted trial balance as of December 31, 2019, are shown here: A review of the accounting records reveals the following additional information: a. Bonds payable with a face value, book value, and market value of $14,000 were retired On June 30, 2019. b. Bonds payable with a face value of $8,000 were issued at 90.25 On August 1, 2019. They mature on August 1, 2024. The company uses the straight-line method to amortize the bond discount. c. The company sold a building that had an original cost of $8,000 and a book value of $4,800. The company received $2,200 in cash for the building and recorded a loss of $2,600. d. Equipment with a cost of $4,000 and a book value of $1,400 was exchanged for an acre of land valued at $2,700. No cash was exchanged. e.…
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
Assimilation: Written Work rections: Analyze the given table In a short bond paper, rewrite table and en answer the questions below. Submit the output on the specified date of retrieval. Name: Ricky Quiton Position: Clerk For the month of September 2020 Basic Salary: Allowances: Gross Earnings: P 15,532.00 1,000.00 DEDUCTIONS Description Social Security System PhilHealth Amount of Deduction P 1,504.75 900.00 200.00 Pag-IBIG Current Absences Total Deductions 756.96 NET PAY Questions: 1. How much is Mr. Quiton's gross earnings? 2. How much is his total deductions? 3. After subtracting the deductions to the gross earnings, how much is his net earnings?
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "I've always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place." On November 1, 2025, Great Adventures purchased the land by issuing a $580,000, 6%, 8-year installment note to the seller. Payments of $7,622 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $7,622 includes both interest expense and principal payments (i.e., reduction of the loan amount). Late that night, Tony exclaimed, "We now have land for our new camp; this has to be the best news ever!" Suzie said, "There's something else I need to tell you. I'm expecting!" Required: 1. Complete the first three rows of an…
Jj.87.