Exam (elaborations)
MANCOSA INTRO TO FIN ACC UNIT 4-6 Exercises
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this contains exercises for unit 4 to 6 of introduction to financial accounting each unit has its own exercise check out my FIN ACC package as well
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Page 1 of 4INTRODUCTION TO FINANCIAL ACCOUNTING
PROBLEM SOLVING EXERCISES 2
1.
REQUIRED
Use the information provided below to prepare the following:
1.1 Current a/c: Jan in the general ledger
1.2 Appropriation a/c in the general ledger
1.3 Statement of net investment of partners
INFORMATION
The information given below was extracted from the accounting records of Jansen Traders, a
partnership business with Jan and Sen as partners.
Balances in the ledger on 28 February 2023
R
Capital: Jan 600 000
Capital: Sen 400 000
Current a/c: Jan (01 March 2022) 16 000 CR
Current a/c: Sen (01 March 2022) 12 000 DR
Drawings: Jan 130 000
Drawings: Sen 110 000
Additional information
a) The net profit according to the Profit and loss account amounted to R450 000 on 28 February
2023.
b) The partnership agreement makes provision for the following:
■ Interest on capital must be provided at 18% per annum on the balances in the capital accounts.
Note: The partners increased their capitals by R200 000 each on 01 September 2022. The
capital changes have been recorded.
■ The partners are entitled to the following monthly salaries:
Jan R9 000
Sen R8 000
■ Jan is entitled to a bonus of 10% of the net profit before any appropriations are made.
■ Jan and Sen share the remaining profits or losses equally.
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