Reference no: EM132649356
Question - Bush, Home and Wilson are in partnership sharing profits & Losses in the ratio of 4.1.3 respectively. Their trail balance as at April 30 2014 was as follows
DR CR
Sales 334,618
Returns inwards 10,200
Purchases 196,239
Carriage inwards 3,100
Stock at May 1 20X3 68,127
Discounts allowed 190
Salaries & wages 54,117
Bad debts 1,620
Provision for bad debts; April 30, 20X3 950
General expenses 1,017
Business rates 2,900
Electricity 845
Computers at cost 8,400
Equipment at cost 5,700
Provision for depreciation at April 30 20X3; Computers 3,600
Equipment 2,900
Creditors 36,480
Debtors 51,320
Cash at bank 5,214
Capital Accounts; Bush 60,000
Home 10,000
Wilson 30,000
Current Accounts; Bush 5,940
Home 2,117
Wilson 9,618
Drawings; Bush 39,000
Home 16,000
Wilson 28,000
494,106 494,106
Required - Draw up a Profit and loss appropriation account for the year ended April 30 20X4, Capital, Drawings , Current Accounts and the balance sheet as at that date taking into account the following notes.
1. Stock at April 30, 20X4 was 74,223/=
2. The following were paid in advance; business rates 200/= and electricity 68/=
3. Increase provision for bad debts to 1400/=
4. Salaries paid to partners but not entered in the books; Homes 18000/=, Wilson 14000/=
5. Interest on drawings; Bush 300/=, Home 200/= and Wilson 240/=
6. Interest paid on Capital accounts is 8%
7. Depreciation on computers 2800/=, Equipment 1100/=
Partners maintain fixed capital accounts.
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