Exam (elaborations)
MANCOSA INTRO TO FIN ACC UNIT 4 SOLUTIONS
- Institution
- Management College Of Southern Africa (MANCOSA)
this contains answers of the activity of unit 4 of introduction to financial accounting listed on my page
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INTRODUCTION TO FINANCIAL ACCOUNTINGUNIT 4 SOLUTIONS
QUESTION 1
1.1
DR CURRENT A/C: JOHN CR
Date Details Fol Amount Date Details Fol Amount
2023 2022
Feb 28 Drawings: John 80 000 Mar 01 Balance b/d 12 000
Balance c/d 307 760 2023
Feb 28 Interest on capital:
John 36 000
Partner’s salaries:
John 117 600
Bonus: John 49 000
Appropriation a/c 173 160
387 760 387 760
Mar 01 Balance b/d 307 760
1.2
DR CURRENT A/C: NICK CR
Date Details Fol Amount Date Details Fol Amount
2022 2023
Mar 01 Balance b/d 9 000 Feb 28 Interest on capital:
Nick 24 000
2023 Drawings: Nick 70 000 Partner’s salaries:
Nick
100 800
Feb 28 Balance c/d 161 240 Appropriation a/c 115 440
240 240 240 240
Mar 01 Balance b/d 161 240
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