General Accounting Volume 2

General Accounting Volume 2

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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. 1922 edition. Excerpt: ...3. State three principal ways in which profits and losses may be shared by partners. 4. In partnership accounting, is Profit and Loss account ever charged with items other than balances of expense accounts closed out or credited with items other than balances of earning accounts closed out? If so, explain how and when. 5. Assuming the following capital account of A, compute the rate of interest per year, which has been allowed A on his average capital investment for the six months ended August 31, 1922. Show two different methods of arriving at the answer, computing interest on the 365 day basis. 6. Three partners, A, B, and C, share profits and losses as follows: A, 33%%; B, 60%; and C, 6%%. At the end of the accounting period the earnings show $50,000 and the expenses $60,000. Prepare the journal entry distributing the loss and show the Profit and Loss account (in skeleton form) after the books have been closed. 7. Three partners, A, B, and C, agreed to share profits and losses according to their capital investments in the business at the beginning of an accounting period, and to close their books every six months. A before-closing trial balance at December 31 showed the following partners' accounts: Contributions and withdrawals of capital had been made by A, B, and C during the year as follows: Contr1but1ons W1thdrawals A B C A B C Jan. 5 $ 2,000 Feb. 6 8,000 Apr. 10 July 15 Nov. 1 $6,000 Nov. 26 Dec. 4 $3,000 Total $10,000 $6,000 $3,000 $12,000 $9,000 $ 4,000 $9,000 8,000 The firm made a profit for the six months ended December 31 of $11,222.16. What was the share of each partner? Show how you arrived at your answer. 8. Under what circumstances is interest allowed to a partner considered as expense of the business? When is more

Product details

  • Paperback | 88 pages
  • 189 x 246 x 5mm | 172g
  • United States
  • English
  • black & white illustrations
  • 1236813138
  • 9781236813138