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COAGB1-B44 - Sam and Simon Case Study - Accounting Assignment Help
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Assignment Task
Study the scenario and complete the question that follows:
Sam and Simon
The following information relates to the partnership of Sam and Simon
Balances at 31 March 2021
Capital accounts (fixed): R
Sam 200 000
Simon 200 000
Current Accounts
Sam (Debit) 20 000
Simon (Credit) 25 000
Drawings:
Sam 5 000
Simon 38 000
Land and buildings cost 250 000
Equipment at cost 200 000
Accumulated depreciation 50 000
Fixed deposit 200 000
Long-term loan 248 500
Accounts receivable 40 000
Accounts payable 30 000
Bank (dr) 57 500
Revenue 400 000
Interest Income 2 000
Cost of sales 245 000
Salaries of employees 50 000
Rental expense 22 000
Other expenses 15 000
Depreciation 12 500
Interest on loan 500
You are required to:
1.1 Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2021.
1.2 Prepare the Statement of Changes in Equity of Sam and Simon for the year ended 31 March 2021.
1.3 Prepare the current accounts of Sam and Simon properly balanced.
1.4 Prepare the Statement of Financial Position as at 31 March 2021.
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