Business Accounting--Reading Guide

Business Accounting--Reading Guide

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...capital account as the case may be. It should be observed that partners' capital accounts are not required in the solution. PROBLEM 16 This problem is constructed on the same lines as the preceding one, and if its terms are carefully read you should be able to solve it. Pay particular attention to the method you use for determining the interest on each partner's drawings. The problem is ambiguous in that there is no certainty concerning the amount which B withdrew. In the solution it is assumed that he drew $2,500 each quarter. However, it would seem fairly reasonable to assume that his total drawings for the year were $2,500. Ambiguities of this sort are regrettable in C. P. A. problems, and yet they are so often found in actual practice that their appearance in such problems may provide a further test of the candidate's qualifications for practice. PRQBLEM 17 The working of this problem on partnership dissolution presents little difficulty, though the form in which the requirements are to be fulfilled may not seem clear at the first reading. The first step should be the preparation of 'a balance sheet to disclose the loss and at the same time to furnish the balances of all the accounts required for the solution. The solution may be presented in the form of a running comment which explains the division of the remaining cash balance after the trade creditors' claims have been settled. PROBLEM 18 The solution of this problem follows the same general lines as the solution of Problem 17. Having drawn up the balance sheet, a comparison of the assets available for distribution with the balances in the capital accounts discloses the loss (to be borne by each partner in his profit and loss sharing ratio). PRoBLEMs 19 T0 21...show more

Product details

  • Paperback
  • 189 x 246 x 4mm | 141g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236906365
  • 9781236906366