Search
The following are taken from the accounting records of MNO Partnership.
December 31, 2023
Mario, Capital
₱58,960
Nancy, Capital
₱63,200
Olga, Capital
₱64,890
The partnership generated net income of ₱75,400 in 2024. According to the partnership contract,the profit and loss sharing ratios are as follows: Mario (25%), Nancy (37.5%), and Olga (37.5%)
The following were transactions with the partners during the year:
• Mario made an additional contribution of ₱7,640.
• Nancy withdrew ₱5,000 from the business.
• Olga contributed ₱12,000 but withdrew ₱5,430
Prepare the partnership’s Statement of Changes in Equity.
Kibur Plc uses a job order cost system. Overhead is applied at the rate of Br 30 per direct labor
hour. Job #251 includes a prime cost of Br 20,000 and a conversion cost of Br 25,000. For this
job, 500 direct labor hours were used. Compute the total cost of Job 251.
AB Co. applies overhead to jobs using a predetermined rate of $1.25 per direct labor hour. For
2008, actual overhead was $25,750; overhead was over applied by $1,500. What estimate of actual
activity in direct labor hours did AB Co. assume when establishing its overhead rate for 2003.
AB.Co applies overhead to jobs a predetermined rate of $1.25 per direct labor hour. For 2008, actual overhead was $25,750; overhead was over applied by $1500. What estimate of actual activity in direct labor hours did AB Co. Assume when establishing its overhead rate for 2003.
AB.Co applies overhead to jobs a predetermined rate of $1.25 per direct labor hour. For 2008, actual overhead was $25,750; overhead was over applied by $1500. What estimate of actual activity in direct labor hours did AB Co. Assume when establishing its overhead rate for 2003.
The data given below relate to Frempomaa Ltd. for the year ended 31/12/2000:
Fixed factory overhead cost was GHC160,000
Production units 1,000 units
Sales 800 units at GHC500
Administration cost was GHC40,000
Variable selling and distribution overheads GHC80
Direct labour GHC70 per unit
Direct material GHC50 per unit
Prepare the profit and loss account using each of the following cost techniques:
(a) Marginal Costing
(b) Absorption Costing
Expert required to complete the accountin task?
January 3, 1990 Anderson Company sells a house with a cost of $700,000,000 for sale at $1,000,000,000 at 10% interest per year. installments are made every semester for 5 years (10x installments) and 20% down payment calculated from the declining balance. Journalize all transactions in which gross profit is recognized in proportion to the collection per cash.
Edward is the owner of Scissor-hands (Pty) Ltd, a very successful hairdressing business. Edward is considering expanding his business and starting another company. He has already entered into a new lease agreement with a third party for premises for his new company. He is unsure about the requirements of the Companies Act regarding pre-incorporation contracts.
REQUIRED
Explain to Edward the Companies Act requirements concerning pre-incorporation contracts.
Calculate the public interest scores in order to consider whether the following companies should be audited or not:
ABC (Pty) Ltd (ABC). Mr. X and Mr. Y each hold 20% of the shares of ABC and the remaining 60% of the shares are held by 40 other shareholders. The company employs an average workforce of 165 employees. The financial statements of the company are compiled by Mr. Z, a partner at the accounting firm Creative-Accountants-R-Us. ABC had a turnover of R185,5 million and the only liability of the company is its bank overdraft of R7 million.
