DEC 2018

Question 1

A) Three type partnership

I. General partnership
II. Limited partnership
III. Limited liability partnership

B) A. goodwill statement

Goodwill account as at 30 September 2018

Razak (5) 144,000 Razak (3) 144,000
Syazwan (3) 86,400 Syazwan (2) 96,000
Tamrin (2) 57,600 Uthman (1) 48,000
288,000 288,000
B. Revaluation statement

Revaluation reserves account as at 30 September 2018

Razak (5) 183,000 Building 296,000
Syazwan (3) 109,800 Motor vehicles 70,000
Tamrin (2) 73,200
366,000 366,000
C. Appropriation statement

Appropriation statement for the year ended 31 December 2018

Pre (9m) Post(3m)
Net profit (350,000 x 9/12) (350,000x3/12) 262,500 87,500

Add: interest on drawing (pre:10% p/a)(post:5%)

Razak (80,000x10%x6/12) (80,000x5%x3/12) 4,000 1,000
Syazwan (6000x10%x4/12) (6000x5%x3/12) 200 75
Tamrin - -
Uthman (4800x5%x3/12) 60

Less:
Salary
Razak (2000x9) (5000x3) (18,000) (15,000)
Syazwan (3000x9) (6000x3) (27,000) (18,000)
Tamrin
Uthman (2000x3) (6,000)

Interest on capital (pre:8%) - -

Profit sharing 221,700 49,635

Razak (5) (3) 110,850 24,817.50
Syazwan (3) (2) 66,510 16,545
Tamrin (2) 44,340
Uthman (1) 8,272.50
D. Current statement

Partners’ Current account

Razak Syazwan Tamrin Uthman
Bal. b/d 30,000 20,000 (10,000)
Add:
Salary (pre) 18,000 27,000
(post) 15,000 18,000 6,000
Profit (pre) 110,850 66,510 44,340
(post) 24,817.50 16,545 8,272.50

Less:
Drawing (80,000) (6,000) (4,800)
Interest on drawing (pre) (4000) (200)
(post) (1,000) (75) (60)
Transfer to capital (34,340)
Bal. c/d 113,667.50 141,780 0 9,412.50

E. Capital statement

Partners’ Capital account

Razak Syazwan Tamrin Uthman
Bal. b/d 150,000 120,000 100,000
Add:
Bank (capital) 90,000
Bank (goodwill) 48,000
Transfer from current acc 34340
Goodwill (lama) 144,000 86,400 57,600
Revaluation reserves 183,000 109,800 73,200

Less:
Goodwill (baru) (144,000) (96,000) (48,000)
Cash (265,140)
Bal. c/d 333,000 220,200 0 90,000
 debit Credit
Bank (850k x 2) 1,700,000
Application of ordinary shares 1,700,000

Application of ordinary shares 1,700,000

Ordinary shares capital 1,700,000

Bank (900k x 1.5) 1,350,000

Application of preference shares 1,350,000

Application of preference shares 1,350,000

8% preference shares (800k x 1.5) 1,200,000
Bank (900k-800k) x 1.5 150,000

Bank (5m-(5%x5m) 4,750,000

6% debenture 4,750,000

Interest (10%x 4.75mx 4/12) 158,333

6% debenture 158,333

6%debenture 100,000
Bank (6%x5mx4/12) 100,000

Statement of financial position as at 31 December 2018

Issued and fully paid up capital
(20m+850k)20,850,000 ordinary shares (30m+1,7m) 31,700,000
(8m+800k)8,800,000 8% preference shares (8m+1.2m) 9,200,000

Reserve
Retained earnings (15m-158,333) 14,841,667

Non-current liability
6%debenture (4.75m+ 158,333 – 100,000) 4,491,667