The Partnership of Ashipala, Mbangula and Tjatindindi - Management Assignment Help

Assignment Task:

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:
OVALOMBOLA ABC
TRIAL BALANCE AT 31 MARCH 2018

Dr
N$

Cr
N$
Interest received 750
Capital account ( at 1 April 2017)
A Ashipala 80 000
B Mbangula 15 000
C Tjatindindi 5 000
Carriage inwards 4 000
Carriage outwards 12000
Bank 4 900
Current accounts ( at 1 April 2017)
A Ashipala 1 000
B Mbangula 500
C Tjatindindi 400
Distributions
A Ashipala 25 000
B Mbangula 22 000
C Tjatindindi 15 000
Vehicle at cost 80 000
Accumulated depreciation ( at 1 April 2017) 20 000
Equipment at cost 100 000
Accumulated depreciation ( at 1 April 2017) 36 600
Office expenses 40 000
Purchases 225 000
Sales 409 030
Stock ( at 1 April 2017) 30 000
Accounts payable 16 500
Accounts receivable 14 300
Allowance for doubtful debts ( at 1 April 2017) 420
583 300 583 300

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 ( 10 Marks)
B) Prepare the statement of changes in equity of Ovalombola ABC partnership the year ended 31 March 2018 ( 10 Marks)
C) Prepare the current accounts of Ovalombola ABC partnership ( in columnar format) for the from 1 April 2017 to 31 March 2018

Questions 2
JC Ltd is a successful industrial company with a financial year end of 30 September. JC Ltd is a listed company and also makes seats for motor car manufactures.
The following balances appeared in the books of JC Ltd for the period ended 30 September 2020

This Management Assignment has been solved by our Management Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment Experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.