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    Additional Exercise On Financial Statement of Partnership (Ans)

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    Ying Tim Cheung
    This document contains the answer key to additional exercises on financial statements for a partnership. It provides the figures and amounts for 9 questions related to the partnership's gross profit, net profit, partner's shares of profit, current account balances, and losses/profits. The key lists the partnership's total gross profit as $219,000 and net profit as $71,000. It then breaks down profit sharing, account balances, losses and profits for individual partners.

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    Additional Exercise On Financial Statement of Partnership (Ans)

    Uploaded by

    Ying Tim Cheung
    10 views2 pages
    This document contains the answer key to additional exercises on financial statements for a partnership. It provides the figures and amounts for 9 questions related to the partnership's gross profit, net profit, partner's shares of profit, current account balances, and losses/profits. The key lists the partnership's total gross profit as $219,000 and net profit as $71,000. It then breaks down profit sharing, account balances, losses and profits for individual partners.

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    Additional Exercise on Financial Statement of Partnership (Ans)

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    This document contains the answer key to additional exercises on financial statements for a partnership. It provides the figures and amounts for 9 questions related to the partnership's gross profit, net profit, partner's shares of profit, current account balances, and losses/profits. The key lists the partnership's total gross profit as $219,000 and net profit as $71,000. It then breaks down profit sharing, account balances, losses and profits for individual partners.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    10 views2 pages

    Additional Exercise On Financial Statement of Partnership (Ans)

    Uploaded by

    Ying Tim Cheung
    This document contains the answer key to additional exercises on financial statements for a partnership. It provides the figures and amounts for 9 questions related to the partnership's gross profit, net profit, partner's shares of profit, current account balances, and losses/profits. The key lists the partnership's total gross profit as $219,000 and net profit as $71,000. It then breaks down profit sharing, account balances, losses and profits for individual partners.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    Answer key to Additional exercise on Financial Statement for partnership

    Q.1

    Q.2

    Q.3

    Q.4

    Q.5

    Q.6

    Q.7

    G.P.
    $ 133,000.00

    N.P.
    $ 100,200.00

    61,160.00

    17,440.00 Robert
    Donald

    $
    $

    5,964.00
    3,976.00

    $ 219,000.00

    71,000.00 Chan
    Wong

    $
    $

    10,900.00
    10,900.00

    24,130.00

    12,530.00 Rita
    Sharon

    $
    $

    3,918.00
    2,612.00

    12,360.00

    4,490.00 Charles
    Stanley

    $
    $

    1,854.00
    1,236.00

    $
    $

    10,210.00
    10,210.00

    $
    $

    2,400.00
    1,200.00

    19,550.00

    Partner
    Wong
    Cheung
    Tong

    22,260.00 Elaine
    Jennie
    4,700.00 Edward
    Helen

    Profit to be shared
    $
    45,300.00
    $
    30,200.00
    $
    15,100.00

    Current a/c bal


    $
    47,000.00
    $
    29,900.00
    $
    22,300.00

    $
    314.00
    $
    276.00

    $
    (31,900.00)
    $
    45,900.00

    $
    2,518.00
    $
    3,712.00

    $
    484.00
    $
    1,076.00

    $
    1,470.00
    $
    1,479.00

    $
    1,580.00
    $
    920.00

    Q.8

    Q.9

    17,320.00

    19,160.00

    10,800.00 Karen
    Cherry
    7,040.00 Daniel
    William

    $
    $

    (4,000.00)
    (4,000.00)

    $
    $

    3,220.00
    3,220.00

    $
    $

    $
    $

    (1,950.00)
    (2,470.00)
    1,700.00
    2,030.00

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