FA260US - Statement of profit or loss of JC Ltd Case Study - Accounting And Finance Assignment Help

Assignment Task 

QUESTION 1
The partnership of A. Ashipala, B. Mbangula and C. Tjatindindi are in partnership sharing profits and loss in the ratio 5:3:2.They own and run a business selling food,trading as Ovalombola ABC. The following trial balance has been extracted from their accounting records at 31 March 2018:

Additional information

1 Inventory at 31 March 2018 cost N$ 35 000.

2 Depreciation on the non-current assets is to be calculated as follows: Motor vehicle is 25% per annum on the diminishing balance method Plant and machinery 20% per annum on the straight line method There were no purchases or sales of non-current assets during the year to 31 March 2018.

3. The future cash flows from the accounts receivable are considered to be N$ 13 585.

4. At 31 March 2018, office expenses of N$ 405 was payable, and rent amounting to N$ 1 500 had been paid in advance.

5. Interest on distributions and the debit balance on each partner current account are to be charged as follows:

A Ashipala N$ 1 000
B Mbangula N$ 900
C Tjatindindi N$ 720

6. According to the partnership agreement, C.Tjitindindi is allowed a salary of N$ 13 000 per annum. This amount was owing to C. Tjatindindi for the year 31 March 2018 and need be accounted for.
 

7. The partnership agreement also allows each partner interest on his/her capital account at a rate of 10% per annum. There were no movements on the respective partners’ capital accounts during the year to 31 March 2018, and the interest had not been credited as at that date.

You are required to:
A) Prepare the statement of profit or loss of Ovalombola ABC partnership for the year ended 31 March 2018
B) Prepare the statement of changes in equity of Ovalombola ABC partnership the year ended 31 March 2018 
C) Prepare the current accounts of Ovalombola ABC partnership ( in columnar format) for the from 1 April 2017 to 31 March 2018

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