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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

  1. Write a memo to Mary and Peter the steps of preparing accounts from single entry.
  2. Explain to the partnership the importance of having a full set of accounts.
  3. Prepare a statement of Profit or Loss of the Partnership using data given above.
  4. Explain the components of an accounting system.

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