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FA2 PARTNERSHIPS

Michael and Donald have been in partnership for several years, sharing profits and losses in the ratio 3:4. At 1 January they had the following credit balances on their capital and current accounts: Capital Current $ $ Michael 65,000 11,486 Donald 80,000 9,637 The partnership income statement year to 31 December shows a net profit of $28,595, and the partners had made drawings of $16,500 each. What is the balance of Michaels current account at 31 December? A $5,014 debit B $7,241 credit C $11,326 credit D $23,741 credit Alex and Jose are in partnership. Under the terms of the partnership, Alex is entitled to a salary of $11,000 per annum. In the year to 31 December 20X1, the net profit of the partnership was $43,877. Interest on capital and interest on drawings for the year have been calculated as: Alex Jose Interest on capital $8,000 $9,500 Interest on drawings $3,500 $5,400 What is the residual profit for the year to 31 December 20X1? A $35,277 B $24,277 C $52,477 D $41,477 Maura and Carrie have been in partnership sharing profits and losses equally. At 1 March 20X1 the total value of their capital and current balances was $225,000. At that date Delia was admitted to the partnership and it was agreed that: (1) the partners would share profits and losses equally (2) goodwill in the business would be valued at $75,000 (3) goodwill would not be maintained in the books of the partnership (4) Delia would introduce cash to ensure that her opening capital balance is nil How much must Delia contribute? A $25,000 B $37,500 C $12,500 D $75,000 Luis and David are in partnership sharing profits and losses in the ratio 3:2. David is entitled to a salary of $9,000 and interest on capital is paid at a rate of 8% per annum. The partners capital balances are: Luis $75,000 David $60,000 The partnership income statement for the year shows a profit of $58,500. How much of the total profit is Luis entitled to? A $23,220 B $38,220 C $29,220 D $35,100

Alec and Carl are in partnership, sharing profits and losses in the ratio 3:2. The income statement for the year to 31 October 2008 reports a profit of $98,500. Interest on capital has been calculated as: Alec $7,900 Carl $5,100 Both capital and current accounts are maintained in the books of the partnership. Neither partner made any drawings in the year to 31 October 2008. What is the increase in the balance on Carls current account in the year to 31 October 2008? A $34,200 B $39,300 C $39,400 D $49,700 You are preparing the final accounts for a partnership, and have to include the following items: (i) partners salaries (ii) staff salaries (iii) interest on a loan from a partner Which of the items should be included in the calculation of profit for the year in the income statement? A (i) and (ii) only B (i) and (iii) only C (ii) and (iii) only D (i), (ii) and (iii) Saoirse and Aoife are in partnership, sharing profits and losses in the ratio 2:1. The income statement reports a net profit of $17,400. Saoirse is entitled to a salary of $6,000 and interest on drawings has been calculated as $670 for Saoirse and $818 for Aoife. What is Aoifes share of the residual profit? A $8,592 B $4,296 C $7,304 D $5,800 If a partnership maintains both capital and current accounts, in which account(s) should a partners drawings and interest on drawings be recorded? Drawings Interest on drawings A capital current B current capital C capital capital D current current Phil and James are in partnership and share profits equally. Phil receives an annual salary of $25,750 and interest on capital is paid at 5% per year. At 1 June 2010 their capital balances were: $ Phil 200,000 James 100,000 On 1 December 2010, James introduced a further $25,000 capital. The partnership profit for the year ended 31 May 2011 was $265,625. What was Phils total profit share for the year ended 31 May 2011? A $150,750 B $112,125 C $147,875 D $127,875 In a partnership which of the following should be charged against profit, rather than being treated as an appropriation of profit? (i) Salary payable to a partner (ii) Interest payable to a partner on any loan received by the partnership (iii) Interest allowed on partners Capital account balances. A (i) and (ii) B (ii) and (iii) C (ii) only D (i) and (iii)

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