Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
See similar textbooks
icon
Related questions
icon
Concept explainers
Question

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

 

 

y

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.
Expert Solution
steps

Step by step

Solved in 2 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Partnership Accounting
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.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS