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ses in the ratio 3/5:

ses in the ratio 3/5:

FINANCIAL ACCOUNTING
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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rame and French are in partnership sharing profits and losses in the ratio 3/5: 2/5. respectively

 

 

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Frame and French are in partnership sharing profits and losses in the ratio 3/5:2/5. respectively. The following is their trial balance as at 30 September 2005. Dr Buildings (cost $210,000) Fixtures at cost Provision för depreciation: Fixtures Debtors Creditors Cash at bank 160,000 8,200 4,200 61,400 26,590 6,130 62,740 Stock at 30 September 2004 Sales Purchases Carriage outwards Discounts allowed Loan interest: P Prince Office expenses Salaries and wages Bad debts Provision for doubtful debts Loan from P Prince 363,111 210,000 3,410 620 3.900 4,760 57,809 1.632 1,400 65,000 100,000 75,000 4,100 Capitals: Frame French Current accounts: Frame French 1,200 Drawings: Frame French 31.800 28,200 640,601 640,601 Stočk, 30 June 2009, $74,210. Expenses to be accrued: Office Expenses $215; Wages $720. Depreciate fixtures Reduce provision for doubtful debts to $1.250. Partnership salary: $30,000 to Frame. Not yet entered. Interest on drawings: Frame $900; French $600. Interest on capital account balances at 5 per cent ii. iii. per cent on reducing balance basis, buildings $5,000. iv. V. Vi. vii. Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 2009, and a balance sheet as at that date.
Transcribed Image Text:Frame and French are in partnership sharing profits and losses in the ratio 3/5:2/5. respectively. The following is their trial balance as at 30 September 2005. Dr Buildings (cost $210,000) Fixtures at cost Provision för depreciation: Fixtures Debtors Creditors Cash at bank 160,000 8,200 4,200 61,400 26,590 6,130 62,740 Stock at 30 September 2004 Sales Purchases Carriage outwards Discounts allowed Loan interest: P Prince Office expenses Salaries and wages Bad debts Provision for doubtful debts Loan from P Prince 363,111 210,000 3,410 620 3.900 4,760 57,809 1.632 1,400 65,000 100,000 75,000 4,100 Capitals: Frame French Current accounts: Frame French 1,200 Drawings: Frame French 31.800 28,200 640,601 640,601 Stočk, 30 June 2009, $74,210. Expenses to be accrued: Office Expenses $215; Wages $720. Depreciate fixtures Reduce provision for doubtful debts to $1.250. Partnership salary: $30,000 to Frame. Not yet entered. Interest on drawings: Frame $900; French $600. Interest on capital account balances at 5 per cent ii. iii. per cent on reducing balance basis, buildings $5,000. iv. V. Vi. vii. Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 2009, and a balance sheet as at that date.
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