Reference no: EM133119610
Question - Sally and Paul are in partnership sharing profits and losses in the ratio 3:2 respectively.
Building (cost) 160,000
Fixtures at cost 8,200
Provision for depreciation on fixture 4,200
Accounts Receivable/Debtors 61,400
Accounts Payable/Creditors 26,590
Cash at bank 6,130
Opening stock 62,740
Sales 363,111
Purchases 210,000
Carriage outwards 3,410
Discount allowed 620
Loan Interest: J. Blackwood 3,900
Office expenses 4,760
Salaries and wages 57,809
Bad debts 1,632
Provision for doubtful debts 1,400
Loan from J. Blackwood 65,000
Capital: Sally 100,000
Paul 75,000
Current accounts: Sally 4,100
Paul 1,200
Drawings: Sally 31,800
Paul
Additional information: 28,200
1. Stock as at June 30, 2019 $74,210
2. Expenses to be accrued: Office Expenses $215; Wages $720.
3. Depreciation fixtures 15 per cent on reducing balance basis; buildings $5,000
4. Reduce provision for doubtful debts to $1,250.
5. Partnership salary: $30,000to Sally.
6. Interest on drawings: Sally $900; Paul
7. Interest on capital account balances at 5%.
Required -
1. Prepare an Income Statement for the partnership for the year ended June 30, 2019.
2. Prepare the Appropriation account for the year ended June 30, 2019.
3. Prepare the Current account for the year ended June 30, 2019.
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