(answered) – 1 Tutorial Questions for Week 2 Wednesday 9 March 2016 Tutorial QDescriptionSolution downloadThe Questioncould someone help me get the solution of my tutorial assignment? ?thanks so much1Tutorial Questions for Week 2 Wednesday 9 March 2016Tutorial Q 1Abby, Bobby and Cindy have been operating a partnership for several years. According to theterms of the partnership deed profits and losses are to be shared between Abby, Bobby andCindy in the ratio of 4:4:2. Bobby is to be allowed a salary of $24,000 per annum. Interest of10% is allowed on the capital account balances outstanding as at the beginning of thefinancial year. No interest is allowed on current accounts. Interest at 10% is charged ondrawings for the year irrespective of when the drawings were made. Interest of 10% isallowed on any loan made by the partners. The following balances have been extracted fromthe books of the partnership as at 1st April 2013:$Capital Accounts as at 1/4/2013:AbbyBobbyCindyCurrent accounts as at 1/4/2013:AbbyBobbyCindyFixed AssetsLoan from BobbyAccounts ReceivableStock 1/4/2013Accounts PayableAccumulated Depreciation on Fixed AssetsBankProvision for doubtful debts40,000 Credit Balance40,000 Credit Balance20,000 Credit Balance4,000 Credit Balance18,000 Credit Balance6,000 Debit Balance160,00080,00050,00010,00074,00026,00084,0008,000A summary of business transactions for the year ended 31st March 2014 is as follows:$Cash Drawings:AbbyBobbyCindyCash Expenses:UtilitiesSalariesRentalMaintenanceOther expensesCash salesCredit salesCash purchasesCredit purchasesSales returns (from credit sales)Purchases returns (from credit purchases)10,0006,0002,00024,00040,00072,00018,00014,000420,000600,000180,000240,,0004,0006,00012Transportation cost related to purchasesTransportation costs for delivery of good to customersPurchases discounts (for credit purchases)Sales discounts (for credit sales)Payments received from debtorsPayments made to creditors8,0004,0008,0002,000580,000260,000The following additional information relates to the financial year end 31st March 2014:Depreciation on fixed assets for the year ended 30/3/2014 is to be provided ona diminishing balance basis at the rate of 10% per annum.Stock as at 31/3/2014: Cost $30,000 and Net Releasable Value $28,000Rental expense is for 12 months commencing 1/12/2013.Provision for doubtful debts is to be made at 4% of debtors outstanding as atfinancial year end.Bad debts to be written off is $4,000Utilities expenses for the month of March 2014 amounting to $4,000 were onlysettled in April 2014.Required:(a) Prepare ledger accounts for Accounts Receivable, Accounts Payable and BankAccounts(b) Prepare an unadjusted trial balance as at 31st march 2014(c) Prepare balance day journal adjustments in general journal form for the year ended31st March 2014.(d) Prepare an adjusted trial balance as at 31st March 2014Tutorial Q 2For this question you are required to use the adjusted trial balance in Tutorial Q1 above:Required:Prepare an income statement for the year ended 31 st March 2014 for the partnership of Abby,Bobby and Cindy:Tutorial Q 3For this question you are required to use the information in Tutorial Q1 and Q2 above:Required:Prepare a Profit and loss appropriation statement for the year ended 31 st March 2014 for thepartnership of Abby, Bobby and Cindy:2
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