< Back art 6 Partnership accounts and company accounts 41.9 Frame and French are in partnership sharing profits and losses in the ratio '/s: 2/s, respec- tively. The following is their trial balance as at 30 September 20X5. Buildings (cost £210,000) Fixtures at cost Provision for depreciation: Fixtures Debtors Creditors Cash at bank Stock at 30 September 20X4 Sales Purchases Carriage outwards Discounts allowed Frankwood.pdf Loan interest: P Prince Office expenses Salaries and wages Bad debts Provision for doubtful debts Loan from P Prince Capitals: Frame French Current accounts: Frame French Drawings: Frame French Dr £ 160,000 8,200 61,400 6,130 62,740 210,000 3,410 620 3,900 4,760 57,809 1,632 31,800 28,200 640,601 (a) Stock, 30 June 20X9, £74,210. (b) Expenses to be accrued: Office Expenses £215; Wages £720. (c) Depreciate fixtures 15 per cent on reducing balance basis, buildings £5,000. (d) Reduce provision for doubtful debts to £1,250. (e) Partnership salary: £30,000 to Frame. Not yet entered. (f) Interest on drawings: Frame £900; French £600. (g) Interest on capital account balances at 5 per cent. Cr £ 4,200 26,590 363,111 1,400 65,000 100,000 75,000 4,100 1,200 640,601 Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 20X9, and a balance sheet as at that date.
< Back art 6 Partnership accounts and company accounts 41.9 Frame and French are in partnership sharing profits and losses in the ratio '/s: 2/s, respec- tively. The following is their trial balance as at 30 September 20X5. Buildings (cost £210,000) Fixtures at cost Provision for depreciation: Fixtures Debtors Creditors Cash at bank Stock at 30 September 20X4 Sales Purchases Carriage outwards Discounts allowed Frankwood.pdf Loan interest: P Prince Office expenses Salaries and wages Bad debts Provision for doubtful debts Loan from P Prince Capitals: Frame French Current accounts: Frame French Drawings: Frame French Dr £ 160,000 8,200 61,400 6,130 62,740 210,000 3,410 620 3,900 4,760 57,809 1,632 31,800 28,200 640,601 (a) Stock, 30 June 20X9, £74,210. (b) Expenses to be accrued: Office Expenses £215; Wages £720. (c) Depreciate fixtures 15 per cent on reducing balance basis, buildings £5,000. (d) Reduce provision for doubtful debts to £1,250. (e) Partnership salary: £30,000 to Frame. Not yet entered. (f) Interest on drawings: Frame £900; French £600. (g) Interest on capital account balances at 5 per cent. Cr £ 4,200 26,590 363,111 1,400 65,000 100,000 75,000 4,100 1,200 640,601 Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 20X9, and a balance sheet as at that date.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education