The partnership has also been in a joint venture arrangement with Patel Juba. The partnership...
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Accounting
The partnership has also been in a joint venture arrangement with Patel Juba. The partnership purchases vegetables from Kampala and they are sold in Juba by Patel. The venturers agreed to share profits in the ratio of 1:1. During the period under review the following transactions took place:
| Transaction | Amount UGX 000 |
| Purchases by the partnership | 56,000 |
| Commission paid by the partnership | 2,000 |
| Warehousing paid by Patel | 1,000 |
| Taxes paid by the partnership | 6,000 |
| Sales by Patel | 120,000 |
| Salaries and Wages paid by the partnership | 30,000 |
Required
- Write a memo to Mary and Peter the steps of preparing accounts from single entry.
- Explain to the partnership the importance of having a full set of accounts.
- Prepare a statement of Profit or Loss of the Partnership using data given above.
- Explain the components of an accounting system.
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