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Mar 30

1. What is the cost of sales amount for the year ended 28 February 20.4? 2. Which amount represents the gross profit figure for the year ended 28 February 20.4?

Inventory    R600 000 Purchases   R350 000 Sales          R450 000 Purchase returns  R1200 Sales returns     R2000 Freight charges on purchase  R650 Freight charges on sales  R1300 Settlement discount received  R235 Settlement discount granted   R350 A physical inventory count on 28 February 20.4 indicated that inventory on hand amounted to R540 000. The periodic inventory system is in use.

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Jul 30, 2023

Appropriation account format ?

Musa, Levi and emem are in partnership owing a business known as fortune hunters and sharing profit and loss in the ratio of 5:3:2 respectively. with a gurantee made by Musa and Levi that in the event that emem's actual share of divisible profit falls below #60,000 the deficiency will be borne by both Musa and Levi. Other provisions of their activities of partnership includes: 1. Interest of 5% to be allowed on capital. 2. Annual salaries of #6,800 and #7,500 to be credited to Musa and Levi respectively. 3. Annual interest of 6% should be charged on drawings. 4. Interest of 10% should be charged on debit opening balance of their current accounts. 5. Interest of 8% should be allowed on loans from partners Partners balance of capital account ( 01/05/96) Musa... 250,000, Levi... 200,000.... Emem.. 300,000. Partners balance of current account (01/05/96)  Musa.. 67,200  Levi.. 15,000  Emem ... 48,000 Partners balance of loan account (01/05/96)  Musa.... 75,000  Emem.... 100,000 Resources contributed during the year Cash (on 31/08/96) Musa... 30,000 Emem 45,000 Computers (on 30/11/96)  Levi 60,000 Reduction in capital during the year Made on 31/12/96  Emem 30,000 Drawings Made on 30/06/96  Musa ... 20,000 Levi 25,000 Made on 31/10/96  Levi 28,000 Made on 31/01/97 Musa 16,000 Emem  18,000 The business yielded a net profit of # 320,000 for it's financial year ended 30/04/97. Requirements Prepare an appropriation account and partner fixed account capital account and current account in a column format for it's financial year ended 30/04/ 97 and statement of financial position extract?

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