QUEENS’ COLLEGE DISTANCE EDUCATION DIVISION

TEL. 011-8-12-19-82

ASSIGNMENT

ON

ADVANCE ACCOUNTING II

Date: - _____________

Total Weight: - 30 %

Name: - _____________________________________________ ID NO: - ________________

Department: -_______________ Study center: -_____________ Entry year: - __________

Program: DEGREE

This is the only assignment of this course.

This assignment is to be completed and submitted to the office of your center. Do not
attempt the assignment until you are certain that you have understood the units it covers and
have revised your self-test exercises and learning activities, and other necessary references.

If you have any question about the units and activities, state the item/s clearly on a separate
sheet of paper and attach to your assignment paper.

1
1. List and Explain about accounts that are used in relation to principal?
2. Mention briefly about the characters tics of partnership?
3. List down the process of partnership liquidation?
4. What is the difference b/n net income and net loss?
5. HUSSEN and HASSEN established a partnership named HH Limited Liability Partnership.
HUSSEN invested Br 320,000 on January 1, 2004 and an additional investment of Br
100,000 on April 1, 2004. He also withdrew Br 70,000 on July 1, 2004. HASSEN invested
Br 480,000 on January 1, 2004 and withdrew 100,000 on July 1, 2004 and made an
additional investment of Br 40,000 on October 1, 2004. Determine the share of net income
that must be allocated to the two partners assuming a total net income of Br 200,000:
A. based on the original capital investment
B. Average capital account balances.