Help to solve a problm ..tryed many time s and BS not tallyi
This query is : Open
24 December 2010
N & P enters into partnership on 1/1/02 without agreement .N died on 31/9/02
Amt from cash sales deposited into bank after retains sum as follows
business exp:rs 50- pr week
personal exp -N 5000.P-6000
Paid into bank
capital N 25000.P 20000
Collection from credit customer 27734
balance of cash sale 35000.
Payment from bank
to suppler 45540
free hold permis 32000
furniture (1/7/02) 8000
s exp 2000
Additional info:-
GP-20% during year
cash discount allowed 2% and received 1%
goods return to suppler 1000 and by customer 900
bad debt written off 800
on 31/12/02 36000 owing to suppler nd 5500 due from customer
On tht day agreement b/w P nd Ns executive is :
a. Trading result aftr desperation on Furniture 10%pa should be presumed have been earned evenly for whole year
b. No provision for discount
c . Goodwill ignored
d. as from 30.9.02 a interest of 10%pa in lieu of profit is to be allowed t Ns executive on amount due to him ..
Prepare trading nd P&L and balance sheet 31/12/02
Amt from cash sales deposited into bank after retains sum as follows
business exp:rs 50- pr week
personal exp -N 5000.P-6000
Paid into bank
capital N 25000.P 20000
Collection from credit customer 27734
balance of cash sale 35000.
Payment from bank
to suppler 45540
free hold permis 32000
furniture (1/7/02) 8000
s exp 2000
Additional info:-
GP-20% during year
cash discount allowed 2% and received 1%
goods return to suppler 1000 and by customer 900
bad debt written off 800
on 31/12/02 36000 owing to suppler nd 5500 due from customer
On tht day agreement b/w P nd Ns executive is :
a. Trading result aftr desperation on Furniture 10%pa should be presumed have been earned evenly for whole year
b. No provision for discount
c . Goodwill ignored
d. as from 30.9.02 a interest of 10%pa in lieu of profit is to be allowed t Ns executive on amount due to him ..
Prepare trading nd P&L and balance sheet 31/12/02
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