T3 Cat

20. A significant contravention between the statement of financial fleck (balance sheet) of a furbish up trader and that of a coalition is that a partnerships statement of financial berth (balance sheet) includes the partners latest notes. call for: relieve what entries are made to a partners current account and what a remainder credit balance would represent.[2 marks] purpose: Items include: * Drawings * Interest on drawings * Salary * Share of emolument A remnant credit balance represents a partners store share of retained profits. 21. The last(a) account of resole trader showed number expenditure in spare of income, resulting in a deprivation for the year. Required: concisely justify how this firing would affect the sole traders great account.[2 marks] event: A loss for an accounting achievement is debited to the upper-case letter account and reduces the amount of the owners capital in the business. 22. A friend of yours has recently opened a childrens clothes shop and is pose her selling prices. She says she does non understand the digression between the terms mark-up and leeway. Required: presently explain how mark-up differs from margin.[2 marks] Answer: Mark up involves adding a luck to cost to gain a selling price.

The margin is the race of gross profit to sales, i.e. gross profit divided up by sales. 23. If a beau monde decided it needed a china coffee rotary to use to entertain say-so customers, and it took a suitable ace from the stock in the warehouse, how would you destroy this in the view foot of the company?[2 marks] Answer: Dr. patch expenses a/c Cr. Purchases a/c 24. appeal out the annual depreciation complaint for five years, for a non-current asset costing $15,000, to be depreciated at a measure out of 25% using the lessen balance method.[4 marks] Answer: original cost| Depreciation charge ($)| Cost/Net keep back value ($)| Year 1| 15,000 X 25%...If you wish to get a extensive essay, order it on our website: Orderessay

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