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ACT100 Financial Accounting
Task
Elton, Janet and Alvin operate a wholesale business in Half Way Tree, St. Andrew, Jamaica. Their partnership agreement requires that profits and losses be shared in the ratio 3:2:1 respectively. Partners are to receive salaries as follows: Elton $600,000 per annum; Janet $450,000 per annum; and Alvin $350,000 per annum. The partnership agreement also stipulates that partners be paid 5% interests on their capitals and that interest on drawings be charged at 10% per annum. On December 31, 2016, the following Trial Balance was extracted from the partnership’s books:
Trial Balance as at December 31, 2016
|
Details/Accounts |
$ |
$ |
|
Bank |
400,000 |
|
|
Office furniture, etc. |
3,000,000 |
|
|
Accumulated depreciation on office furniture, etc. |
600,000 |
|
|
Printing and stationery |
300,000 |
|
|
Return of goods |
in400,000 |
out150,000 |
|
Cash drawings: Elton |
500,000 |
|
|
Janet |
750,000 |
|
|
Alvin |
450,000 |
|
|
Telephone |
520,000 |
|
|
Administrative salaries |
4,800,000 |
|
|
Cash in hand |
2,500,000 |
|
|
Rent |
1,200,000 |
|
|
Provision for bad and doubtful debts |
200,000 |
|
|
Purchases |
10,150,000 |
|
|
Insurance |
360,000 |
|
|
Motor vehicles |
10,000,000 |
|
|
Provision for depreciation on motor vehicles |
2,000,000 |
|
|
Sales |
30,500,000 |
|
|
Debtors and creditors |
4,000,000 |
3,000,000 |
|
Discounts |
1,000,000 |
650,000 |
|
Inventory, January 1, 2016 |
6,000,000 |
|
|
Commission |
500,000 |
300,000 |
|
Capital Accounts: Elton-01/01/16 |
4,500,000 |
|
|
Janet-01/01/16 |
3,500,000 |
|
|
Alvin-01/01/16 |
2,500,000 |
|
|
Current Accounts: Elton-01/01/16 |
500,000 |
|
|
Janet-01/01/16 |
320,000 |
|
|
Alvin-01/01/16 |
450,000 |
|
|
Bad debts written off |
100,000 |
|
|
Carriage inwards |
400,000 |
|
|
Motor vehicle running costs |
2,000,000 |
————- |
|
49,250,000 |
49,250,000 |
Additional information:
(i) Telephone charges $45,000 and commission payable $105,000 were outstanding on December 31, 2016.
(ii) Staff salaries include an amount of $50,000 paid to James Wright out of his January 2017 salary, while $40,000 of the insurance was for 2017.
(iii) Depreciation is recorded in the books as follows: Motor vehicles 20% Reducing Balance; Office furniture, etc. 10% on cost.
(iv) The provision for bad and doubtful debts is to be adjusted to 2½% of debtors.
(v) Discount received on December 20, 2016 for $320,000 was recorded in the account as $220,000.
(vi) Inventory on December 31, 2016 was valued at $5,000,000.
Required:
(a) The partners’ Trading and Profit and Loss Account for the financial year ending December 31, 2016. (10 marks)
(b) The Profit and Loss Appropriation Account for the financial year ending December 31, 2016. (6 marks)
(c) The partners’ current accounts for the financial year ending December 31, 2016. (6 marks)
(d)A Balance Sheet as at December 31, 2016. (8 marks)
ACT100 Financial Accounting
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