PARTNERSHIP (DEED) AGREEMENT
A) profit and losses should be didvided in the ratio capital invested.
B) interest will be carged on drawings at a rate of 5%
C)interest will be paid on capital at a rate of 12%
D) the rarte od interest to be paid on loan is 10 %
E) hibiscus should be paid a salary of 36 000 monthly
F) Fern receives a bonus of 5 000 (every 3 months)
G) Capital hibiscus 220 000 Fern : 290 000
UNIQUE CONCEPTIONS: They have one full time employee (rose) who get paid a salary of 8 000 weekly PARTNERSHIP (DEED) AGREEMENT A) profit and losses should be didvided in the ratio capital invested. B) interest will be carged on drawings at a rate of 5% C)interest will be paid on capital at a rate of 12% D) the rarte od interest to be paid on loan is 10 % E) hibiscus should be paid a salary of 36 000 monthly F) Fern receives a bonus of 5 000 (every 3 months) G) Capital hibiscus 220 000 Fern : 290 000 Nov 1 Paid rent of 50 000 by cheque Nov 3 Sold the following items receiving cash 5 unique arrangements @ 4 000 each Nov 5 Bought on credit from Flowers Ltd International the following: 10 bunches of abutilon @ 2000 each 5 stalks of amaryllis @ 500 each 20 bunches of baby’s breath @ 200 each received a trade discount of 5% Nov 6 Bought on credit from Roses R US inc. 20 bunches of red & white roses @ 2 500 10 bunches of blue roses @ 2000 each 5 bunches of mixed roses @ 2300 each received a trade discount of 15% Nov 8 Sold the following items on credit to Bountiful Bloom 15 bunches of red & white roses @ 5 000 10 bunches of baby’s breath @ 500 each 6 unique container @ 750 each Jamaica Horticultural Society 8 bunches of Abitilon @ 4 000 each 5 stalks of Amaryllis @ 1000 each A cash discount of 10% of 5% is normally allowed for payments made with 1 or 7 days or 8 to 14 days respectively. Nov 10 Sold immediately for cash 2 bunches of Abitilon @ 4 000 each …
Attachments:
ACCOUNTS.rtf