Académique Documents
Professionnel Documents
Culture Documents
Rajoo
Statement of Comprehensive Income for the year ended 31 December 2014
RM
RM
RM
Sales Revenue
11,590
- Return inward
160
- Discount allowed
150
Net Sales
11280
Purchases
8940
- Discount received
350
- Return outward
180
Net Purchases
8410
+ Carriage inwards
500
Kos barang untuk dijual
8910
-Inventory 31 March
2500
Cost of Sales
6410
Gross Profit
4870
Plus: Interest received
850
- Rent income
450
1300
6170
Minus Motor expenses
720
Carriage outward
200
920
Net Profit
5250
Rajoo
Statement of Financial Position as at 31 December 2014
RM
RM
Non Current Assets
-
Motor Vehicle
RM
8000
Current Assets
Cash
1510
Trade Receivables
3870
Bank
4980
Ending Inventory
2500
12860
Current Liabilities
Trade payables
2910
2910
Working capital
9950
17,950
Owners Equity
Capital
5500
Net profit
5250
-Drawings
800
9950
8000
17,950
QUESTION 2
There are five types of important characteristics of a company which is:
1. Separate legal existence
A company has a separate legal entity independent from the members. It can own
property, and also make agreements in its own name. Shareholders are not the joint owners of
the company's property. A shareholder cannot be thought liable for the actions of the company.
There also can be contracts between a company and its members. A creditor of the company is
not a creditor of its members.
2. Limited liability
As a company has a separate legal entity, the members also cannot be held liable for
the debts of a company. The liability of every company member has limited towards nominal
value of the stakes bought by him or to the amount of guarantee given by him. However, if a
member of the company has desire, they may form a company with unlimited liability.
3. Transferability of shares
The capital of a company is divided into parts. Each and every part is called a share.
These shares are usually exchangeable. A stakeholder is able to draw his membership from the
company by moving his shares. But, in real practice some restrictions are placed on the transfer
of shares.
produced.
Consistent with CVP analysis
costs.
This costing does not support CVP
analysis because it essentially treats fixed
manufacturing overhead as a variable cost by
assigning a per unit amount of the fixed
segments.
Profit is not affected by changes in inventories
Impact of fixed costs on profit emphasized
and segments.
Profit is affected by changes in inventories
Does not impact the fixed costs on profit
emphasized
QUESTION 4
The dissolution of a partnership is the procedure during which the activities of the
partnership are spiral up which the ongoing nature of the partnership relation terminates. There
are some causes to dissolution a partnership such as, the mutual agreement of partners, where
by the entire partner agree for dissolution. The second cause is specific power in the
partnership agreement seeks dissolution and the majority agree for it. The third cause exercise
of a power in the legislation for example death or bankruptcy of a partner. The fourth cause is
any case of fraud, misrepresentation any or illegal activity. The fifth cause is order from court for
mental incapacity or other ill-health.
If any partners wish to transfer the assets and liabilities to a new partnership, It is open to
the ex-partners of the dissolved partnership to continue the business of the partnership whereby
they can use the original name. Meanwhile for assets and liabilities transfer they have to
undrawn profits and valued by the continuing partners. Whereby the business is continued
without any financial settlement and the departing partner is entitled to such share of the profits
as the court may find attributable to his/her share of the partnership assets.
QUESTION 5
Angela, Brenda, Christine and Hannah Partnership
Statement of Partners Capital for the year ended 31 May 2013
Capital
Total
Angela
Brenda
Christine
Partner withdrawal as
1,090,000
500,000
260,000
330,000
at 1 June 2012
Share of the goodwill
Property
Hannah
-
700,000
400,000
200,000
100,000
350,000
(4/7)
200,000
(2/7)
100,000
(1/7)
50,000
(4/7)
(2/7)
(1/7)
2,140,000
1,1000,000
560,000
480,000
(480,000)
1,660,000
1,1000,000
560,000
480,000
-
(466, 667)
(233, 333)
(700,000)
(4/6)
(2/6)
960,000
633,33
326,667
goodwill
Christine capital
converted to loan
Debit capital credit
goodwill
Written off goodwill
Christine
10,000
25,000
Hannah
-
Admission of Hannah
After Admission of
232,800
174,600
174,6000
Hannah
Drawings
Balance B/F
(60,000)
332,800
(50,000)
21,460
(35,000)
-
(30,000)
144,000
Admission of Partner
Total
Angela
Brenda
700,000
466,667
233,333
Christine
-
1660,000
(4/6)
1,1000,000
(2/6)
560,000
among 2 partner
Hannah
460,000
460,000
(700,000)
(280,000)
(4/10)
(210,000)
(3/10)
(210,000)
(3/10)
1,420,000
820,000
350,000
250,000
Hannah
-
Capital 250,000
Goodwill 210,000
Written off goodwill
New profit sharing
ratio
Sharing ratio
200,000
(25,000)
175,000
Share of profit
Angela (4/7)
Brenda (2/7)
Christine (1/7)
100,000
50,000
25,000
175,000
Angela, Brenda, Christine and Hannah Partnership
Profit for Full Year
RM
Net Profit
Bad debts
Interest paid to Christine
Share of Profit
Angela
Brenda
Christine
Share of Profits aft 1/9/12
Angela (4/10)
Brenda (3/10)
Christine ( 3/10)
100,000
50,000
25,000
RM
800,000
(25,000)
(18,000)
(175,000)
582,000
232,800
174,600
174,600
582,000
QUESTION 6
Statement of Comprehensive Income for the year ended 31 March 2013
RM
RM
Sales Revenue
618, 950
- Return inward
1450
- Discount allowed
1200
Net Sales
616,300
Inventory
52400
Statement of Appropriation as at 31
March 2013
Purchases
496,
400
Net Profit
60,440
-- Discount
2040
Expensesreceived
reimburse to partners
Net Purchases
494,
360
Bary : 900
+ Carriage
on
purchases
2700
497, 060
Sean : 1300
Kos barang untuk dijual
(2,200) 549, 460
-Inventory 31 March
58,240 58,900
Cost
of
Sales
490, 560
Profit sharing
Gross
Profit
1st half of the financial year
Expenses
Bary- : 5/8
58,240 6/12 months
Bank interest
Sean : 3/8 58,240 6/12 months
Wages & Salaries
Profit sharing
Rent & Rates
2nd
half ofexpenses
the financial year
Delivery
Heat & Light
Bary : 1/2 58,240 6/12 months
Interest on bank Overdraft
Sean : 1/2for
58,240
6/12 months
Provision
bad debts
Write off debt
Depreciated on Furniture &
Fittings
Net Profit
RM
125, 740
(18,200)
290
40900
9400
12100
1900
(14,560)
110
(14,560) (500)
700
400
(10,920)
65, 300
60,440
RM
8000
Depreciated of
(400)
Furniture
7600
Current Assets
Cash
300
Trade Receivables
36500
(2000)
34500
debts
Inventory
58,900
93,700
Current Liabilities
Interest Accrued
110
Overdraft bank
8,130
Trade payables
50,620
58860
Working capital
34840
42,440
Owners Equity
Capital :
Barry
25,000
Sean
15,000
Current account:
Barry
660
Sean
1780
42, 440