Good Day The question provided in the screenshots requires for the answer to be recorded in a General Ledger please advise Thank u in advance 16:51令lA www.bartleby.comVacation R...Looking for.Louis vuitto..My Questio..Answ...+= bartleby Q Search for textbooks, step-by-s.E Q&ABusiness / Accounting / Q&A Library / Plane CC was registered on 1 August 2015. The...Plane CC was registered on 1 August 2015. The founding statem...Get live help whenever you need from online Try bartleby tutortutors!todayeach.Profit and loss Appropriation Account for the year ended 31 July 2020 of theClose Corporation (CC) as follows:particularsAmount in RProfit after remuneration of membersR940 000Less : income tax of the year(R260 000)Profit after income taxLess : distribution of profit(R135 000)[R45 000 * 3]Retained earningsR545 000Privacy - TermsII 16:51令lA www.bartleby.comVacation R...Looking for.Louis vuitto..My Questio..Answ...+= bartlebyQ Search for textbooks, step-by-s..E Q&ABusiness / Accounting / Q&A Library / Plane CC was registered on 1 August 2015. The...Plane CC was registered on 1 August 2015. The founding statem...Get live help whenever you need from online Try bartleby tutortutors!todayStep 1IntroductionProfit and loss appropriation Account:Profit and loss appropriation Account refers to allocation of organization fundsamong partners, shareholders and departments. In case of partnership, it allocatesprofits of partnership to partners. In case of government, it allocates funds todifferent departments and projects. In case of companies, it allocates profits tomembers and remaining balance profits after allocation is retained with thecompany itself.For companies, main function of Profit and loss appropriation Account is toappropriate profits to shareholders and determine share of profits carried forwardto next fiscal year. Income tax is deducted from the profits and any reserves andany dividends are deducted from profits.Step 2Given, on 31 July 2020, the CC recorded a profit of R940 000. The income tax forthe year is R260 000. Members are entitled to a distribution of profit of R45 000each.Profit and loss Appropriation Account for the year ended 31 July 2020 ofClose Corporation (CC) as follows:Privacy - TermsII

The general ledger account is an account which is used to record the company's transactions which…

Profit and loss Appropriation Account for the year ended 31 July 2020 of the Close Corporation (CC) as follows: particulars Amount in R Profit after remuneration of members R940 000 Less : income tax of the year (R260 000) Profit after income tax Less : distribution of profit (R135 000) [ R45 000 * 3] Retained earnings R545 000

Profit and loss Appropriation Account for the year ended 31 July 2020 of the Close Corporation (CC) as follows: particulars Amount in R Profit after remuneration of members R940 000 Less : income tax of the year (R260 000) Profit after income tax Less : distribution of profit (R135 000) [ R45 000 * 3] Retained earnings R545 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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