On August 1, AA and BB pooled their assets to form a partnership, with the firm to take over their business assets and assume the liabilities.  Partners capitals are to be based on net assets transferred after the following adjustment. Profit and loss are allocated equally.BB’s inventory is to be increased by P4,000; an allowance for doubtful accounts of P1,000 and P1,500 are to be set up in the books of AA and BB, respectively; and accounts payable of P4,000 is to be recognized in AA’s books.  The individual trial balances on August 1, before adjustments follows:AA BBAssets P75,000 P113,000Liabilities 5,000 34.500What is the capital of AA after the above adjustments?

The summarized trial balance of ABN Associates (Partnership Business) as at 31st March 2018 is given below. ABN Associates Trial Balance as at 31st March 2018 Rs. Dr Cr Partners' Capital Accounts Amal 500000 Bimal 400000 Nimal 400000 Partners' Current Accounts Amal 225000 Bimal 125000 Nimal 85000 Partners' loan Account - Nimal 200000 Property, Plant & Equipment 900000 Drawings Amal 275000 Bimal 175000 Sales 3800000 Inventory 585000 Cost of sales 1900000 Trade Recievables / Trade Payables 280000 150000 Cash at bank 500000 Operational Expenses 850000 5675000 5675000 Adjustments need to be made for the following 01.   Depreciation for the year was Rs. 180,000. 02.   The profit sharing ratio of Amal, Bimal and Nimal is 4 : 3 : 3 respectively. 03.   Interest is payable on Fixed Capital Accounts balances 10% per annum. 04.   No entries have been made for Inventory costing Rs. 120,000 taken by Amal. 05.   Interest on the partners loan is 20% per annum. 06.   Amal took away the other equipment for his own use on 31st March 2018 at a valuation of Rs. 100,000. The book value of the equipment is Rs. 50,000. Requirement Prepare the financial statements for a partnership including appropriation accounts

At the beginning of 2023, BBB Corporation was organized with authorized capital of 100,000, P200 par value shares. January 15 – Issued 10,000 shares at P280 per share.May 1 – Issued 5,000 shares in exchange for land with a fair value of P1,200,000. On this date, fair value of the shares was P250 per share.November 23 – Issued 2,000 shares for legal services when the fair value was P260 per share.What amount should be debited to legal services / fees account as a consideration for the issuance of shares on November 23?

Each partner has their own capital account (an equity account):

The following summarized trial balance appeared in the books of MakossaEnterprises.Purchases and SalesDR _120,000CR200,000Debtors and creditors 80,000 50,000Cash 40,000Other assets and other Liabilities 240,000 200,000Suspense Account 30,000Total 480,000 480,000Subsequent investigations revealed the following errors:i) A sales invoice of Sh.20,000 had not been recognized in the books of accountsii) A cash receipt from a debtor of Sh.15,000 had not been adjusted in the debtors accountiii) A cash payment to a creditor of Sh.9,500 had been debited to the creditor’s account asSh.4,900iv) A purchase of a computer of Sh.50,000 for use in office work had been debited tothe purchases accountP.O. Box 90830100 Eldoret – KenyaTelephone: 0728458276Fax: 254-20-891084Email:[email protected]/ACD/EXM/SEPT - DEC 2022/GABA/BCOM Page 2ISO 9001:2015 Certified by the Kenya Bureau of Standards.v) The accountant had failed to bring forward a balance of Sh.19,600 in the wagespayable account in the post-closing trial balance of the previous financial yearRequired:i) Journal entries to correct the identified accounting errors (5 Marks)ii) The suspense account (5 Marks)iii) The corrected trial balance

When recording assets and liabilities at commencement in a business's capital account, they will be cross-referenced to