Question-A &B are partners in a business During the course of 2020,A withdrew Rs 12000 ,while B withdrew Rs 6000 aut of the business for personal use. Interest on Drawings is to be charged at 10% pa. You are required to Calculate the amount of interest on Drawings assuming that: )Drawings were made in the middle of each month Drawings were made in the first of each month Drawings were made on the last date of each month.

Question-A &B are partners in a business During the course of 2020,A withdrew Rs 12000 ,while B withdrew Rs 6000 aut of the business for personal use. Interest on Drawings is to be charged at 10% pa. You are required to Calculate the amount of interest on Drawings assuming that: )Drawings were made in the middle of each month Drawings were made in the first of each month Drawings were made on the last date of each month.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 29P

See similar textbooks

Similar questions

25- Our company, which prepares its financial statements on a monthly basis, has leased its workplace on 01.08.2020 from 3.000 TL per month for 1 year. One-year rental fee and 18% VAT have been deposited into the bank account of the enterprise. Assuming that the financial statements are prepared on a monthly basis , in which account, how and in what amount is the rental income for the period January 2021-July 2021 recognized? a) 380 Revenues for the Next Months Hs .36.000 TL Creditor B) 380 Revenues for Future Months Hs. 12.000 TL Creditor NS) 380 Revenues for Future Months Hs. 12.000 TL Debt D) 480 Income for Future Years Hs. 21.000 TL Creditor TO) 480 Income for Future Years Hs. 21.000 TL Debtor
18.ABC Co received from a customer a 4-year 12% note of P200,000 on July1, 20X1. Principal and interest are due on June 30, 20X5.The accrued interest at Dec 31, 20X2 would be: 12,000 24,000 36,000 48,000
8- Our business paid 48.000 TL from the bank for the store it rented for two years on 01.07.2020 . (The entity prepares its financial statements on a monthly basis.) Accordingly, in which account, how and in what amount is the rental expense for July 2020 recognized? a) 180 Expenses for Future Months Hs. 10,000 TL Borrowed B) 280 Expenses for Future Years Hs. 36,000 TL Debtor NS) 760 Marketing Sales and Distribution Expenses 2.000 TL Debtor D) 102 Banks Hs. 48,000 TL Creditor TO) 760 Marketing Sales and Distribution Expenses 2.000 TL Creditor
6- Our company, which prepares its financial statements on a monthly basis, has leased its workplace on 01.08.2020 from 3.000 TL per month for 1 year. One-year rental fee and 18% VAT have been deposited into the bank account of the enterprise. How many TL is the total amount deposited into our business's bank account? a) 36.000 TL B) 42,480 TL NS) 18,000 TL D) 3,000 TL TO) 21.000 TL
Intermediate Accounting 2 2021 edition by Millan PROBLEM 4: MULTIPLE CHOICE - COMPUTATIONAL On March 1, 20X4, Fine Co. borrowed P10,000 and signed a two-year note bearing interest at 12% per annum compounded annually. Interest is payable in full at maturity on February 28, 20X6. What amount should Fine report as a liability for accrued interest at December 31, 20X5? 0 b. 1,000 c. 1,320 d. 2,320 (AICPA) On January 1, 20x1, Sunset Co. issues a P5,000,000 noninterest bearing note due on December 31, 20x4. The effective interest rate is 15%. How much is the unamortized balance of the discount on notes payable account on January 1, 20x3? 652,174 b. 1,219,282 c. 1,712,419 d. 2,141,234 The next two items are based on the following information: House Publishers offered a contest in which the winner would receive P1,000,000, payable over 20 years. On December 31, 2000, House announced the winner of the contest and signed a note payable to the winner for P1,000,000,…
Beg. Retained Earnings= $34 for nov. 30, 2022. . Then, The following transactions occurred during December of 2022: Paid $14 for December rent, Paid $6 to reduce the amount of accounts payable, Sold inventory costing $5 for $60, Collected $10 accounts receivable, Accrued $5 owed to employees for work performed in December to be paid in January, Recorded $8 depreciation on the new equipment. What is retained earnings at 12/31/2022?
14. ABM company purchased a two-year fire insurance coverage policy on June 1, 20XX with a cost of ₱200,000. At its December 31, 20XX, how much should be recorded as an expense? A. ₱100,000 B. ₱50,000 C. ₱200,000 D. ₱0
62. A hospitality company is the maker of an $18,000 note to be paid in quarterlyinstallments of $3,000 each. The first payment is to be made on June 30. How willthe note be represented on the balance sheet for May 31?A. $18,000 long-term liabilityB. $3,000 expense, $15,000 long-term liabilityC. $3,000 expense, $9,000 current liability, $6,000 long-term liabilityD. $12,000 current liability, $6,000 long-term liability
H9.C2 Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0,6% and SUTA taxes are 5.4%. The company Is preparing its payroll calculations for the week ended August 25. Payroll records show the following Information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through August 18 Dali: $ 136,600 Trey: 136,800 Kiesha: 6,900 Chee: 1,250 gross Pav Dali: $ 2,000 Trey: 900 Kiesha: 450 Chee: 400 Current Week Income Tax Withholding Dali: $284 Trey: 145 Kiesha: 39 Chee: 30 In addition to gross pay, the company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the remalning one-third. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: places.) Compute the following for the…
Bought delivery van P850,000 terms 20% down and the balance payable in oneyear. Required: 1. Record the transaction in the general journal.
ACCT 3303, Spring 2022PROJECT 1Due March 6Transactions for Blackberry Mountain Inc for the month of January is as follows: 1 Company issued common stock for $21,000 2a Supplies are purchased for $3,000. 2b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset) 2c Rent is paid for 3 months beginning in January: $4,500 (record as an asset) 3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest. 6 An equipment is purchased for $22,500 cash. It will be used for 3 years and will be depreciated monthly using straight-line depreciation with no salvage value. A full month of depreciation will be charged in January. 9 Services are performed for customers on account. Invoices totaling $9,800 are mailed. 10 Services are performed for cash customers: $7,600. 15 Blackberry Mountain Inc borrows $16,000 from 2nd State Bank at 9% annual interest. 16 Wages for the first half of the month are paid on January 16: $4,200 20 The company receives $3,000…
15. On March 1, 20XX, ABM company sold 300 one-year subscriptions for ₱15 each. The total amount received was credited to subscriptions revenue. How much should be recorded as liability? A. ₱750 B. ₱4,500 C. ₱3,750 D. ₱0