FNSACC414 - Prepare financial Statements For Non-reporting Entities - Mathematical Calculations - Report writing Assessment Answer

Assessment Task:

FNSACC414 - Prepare financial Statements For Non-reporting Entities - Mathematical Calculations - Report writing Assessment Answer

Task 1 – Formation of a Partnership

Using the information above and below, you are required to:

(a)    Prepare the General journal entries to form the partnership at 1 January 2020
(b)    Post all entries to the General Ledger and prepare a Trial Balance

Task 2 – Operating a Partnership and Appropriation of Profits 

The following is a summary of cash transactions which occurred during the period 1January 2020 to 30 June 2020

1.    On 1st April the partners each contributed another $10,000 capital to the partnership.
2.    Cash Sales for the period to 30 June                        $190,000
3.    Cash Purchases of Stock for the period to 30 June            $  60,000
4.    Cash Marketing expenses for the period to 30 June             $10,000
5.    Cash Administrative expenses for the period to 30 June                $  20,00
6.    Cash Financial expenses for the period to 30 June            $  10,000 
7.    Salaries paid to partners for period to 30 June:            Butler $24,000    John $26,000
8.    Drawings taken by partners on 1st January:                Butler $10,000    John $6,000
    
    You are required to:

a)    Prepare General Journal entries to record the above transactions for the period ended 30 June 2020 and post to the General Ledger

b)    Prepare General Journal entries to close off relevant ledger accounts at 30 June 2020 and calculate the profit (loss) after including any extra adjustments resulting from the Partnership Agreement;  post to the General Ledger

c)    Prepare General Journal entries to record the distribution of the profit or loss for the period ended 30th June 2020, according to the Partnership Agreement, and post to the General Ledger

d)    Prepare an Income Statement for the period ended 30 June 2020 
(Stock on hand at 30 June 2020 is $40,000; Depreciation of Equipment 15% Straight Line method)

e)    Prepare a classified Balance Sheet at 30 June 2020

f)    Prepare a Statement of Cash Flows for the period ended 30 June 2020

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