Simba and Nala were in partnership trading as Hakuna Matata, sharing profits and losses in the ratio of 3:2. The draft s
Posted: Sun Apr 17, 2022 6:58 pm
Simba and Nala were in partnership trading as Hakuna Matata,
sharing profits and losses in the ratio of 3:2. The draft statement
of financial position at 30 September 20x4 was as
follows:
HAKUNA MATATA (DRAFT) STATEMENT OF FINANCIAL POSITION AT 30
SEPTEMBER 20X4 ASSETS Non-current assets
316,000
Land 160,000 Equipment 36,000 Motor vehicle 120,000 Current assets
83,000 Inventory 28,000 Accounts receivable 45,600 Cash 9,400 TOTAL
ASSETS 399,000 Equity and Liabilities Equity:
Capital accounts: 364,080 Simba 156,040 Nala 208,040 Current
liabilities Account payable 34,920 399,000
The draft statement of financial position at 30 September 20x4 has
been prepared based on a profit for the year of N$200,000,
determined before considering the following
adjustments:
1. Depreciation is to be provided on the equipment the vehicle at
20% per year on the reducing balance method. 2. The net realizable
value of the inventory on hand is estimated at N$35,000. 3. The
cash flow expected from the accounts receivable at 30 September
20x4 is N$43,320.
sharing profits and losses in the ratio of 3:2. The draft statement
of financial position at 30 September 20x4 was as
follows:
HAKUNA MATATA (DRAFT) STATEMENT OF FINANCIAL POSITION AT 30
SEPTEMBER 20X4 ASSETS Non-current assets
316,000
Land 160,000 Equipment 36,000 Motor vehicle 120,000 Current assets
83,000 Inventory 28,000 Accounts receivable 45,600 Cash 9,400 TOTAL
ASSETS 399,000 Equity and Liabilities Equity:
Capital accounts: 364,080 Simba 156,040 Nala 208,040 Current
liabilities Account payable 34,920 399,000
The draft statement of financial position at 30 September 20x4 has
been prepared based on a profit for the year of N$200,000,
determined before considering the following
adjustments:
1. Depreciation is to be provided on the equipment the vehicle at
20% per year on the reducing balance method. 2. The net realizable
value of the inventory on hand is estimated at N$35,000. 3. The
cash flow expected from the accounts receivable at 30 September
20x4 is N$43,320.