By Ian Harrison
Complicated Accounting for A2 has been written in particular to aid scholars, who've already been brought to Accounting, to appreciate totally the intricacies of this complicated topic. it really is damaged down into conceivable devices, each one explaining a subject matter basically utilizing obtainable language and together with interspersed inquiries to motivate scholars to use what they've got learnt. Illustrations and diagrams are used all through to aid motives. every one unit is rounded up with a chain of routines and exam-style questions making sure that scholars get lots of perform within the components within which they have to be informed to cross the A2 examination.
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Extra resources for Advanced Accounting for A2 (2nd Edition)
Financial statements contain a section of the income statement that shows how profits (and losses) are shared between the partners. Partnerships can maintain fixed or fluctuating capital accounts. Most partnerships maintain fixed capital accounts. In such cases all transactions involving appropriations of profits and drawings of profits are entered in current accounts. Entries in capital accounts involve capital transactions only. SELF-TEST QUESTIONS ■ ■ 52 What is limited liability? A sole trader has limited liability.
Answer Remember that we are dealing with two businesses: Up to 30 June 20*9 Owners were Adele and Gloria From 1 July 20*9 Owners are Adele, Gloria and Carolyn So: Adele and Gloria Income statement extract for the six months ended 30 June 20*9 £ £ Net profit 20,000 Profit share – Adele (10,000) (20,000) Profit share – Gloria (10,000) Adele, Gloria and Carolyn Income statement extract for the six months ended 31 December 20*9 £ £ Net profit 20,000 Profit share – Adele (10,000) Profit share – Gloria ( 6,667) (20,000) Profit share – Carolyn ( 3,333) Note that the profit share has been rounded.
Balance at 1 May 20*8 (from list of assets) Total takings for year (missing figure) Cash account Takings banked (from bank 142 summary) Wages paid 101,262 Drawings Balance at 30 April 20*9 (from list of closing balances) 101,404 74,887 14,280 12,000 237 101,404 Stage 4: Construct adjustment accounts You may be uncertain how many adjustment accounts to use. Initially you may not be confident enough to decide which accounts to open and which items do not need to be adjusted. 26 advanced Accounting for A2 WORKED EXAMPLE continued If you are not confident, then open an account for every item listed in your statement of affairs.