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Prepare partnership balance sheet extract

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Reference no: EM132603441

Question - Mwansa and Musonda have been in partnership just for one year.The following is their partnership agreement

- They are sharing profits and losses equally.

- They are entitled to 10% on capitals per annum. Mwansa and Musonda have K100,000 and K200,000 as capitals respectively

- Mwansa is entitled to a salary of K3,000, and Musonda K5,000.

- Interest is charged on partners drawings. Mwansa is charged K2,000 and Musonda K1,500.

- Drawings during the year were Mwansa K6,000 and Musonda K5,000.

- The net profit before the distribution as at 31.12.2017 amounted to K70,000

Required -

(a) Prepare appropriation account.

(b) Prepare partnership current accounts in columnar form.

(c) Prepare partnership balance sheet extract.

Reference no: EM132603441

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