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Question - PARTNERSHIP - Abel and Cain are in partnership. They share profits in the ratio;70% for Abel and 30% for Cain. The following trial balance was extracted as at 31 December 2019.
Debit
Credit
$$
Office equipment at cost
9200
Motor vehicle at cost
21400
Provision for Depreciation at 31 December 2018:
Motor vehicle
12800
Office equipment
3600
Inventory at 31 December 2018
38410
Trade payables
32216
Trade receivables
41940
Cash at bank
2118
Cash in hand
317
Sales
180400
Purchases
136680
Salaries
27400
Office Expenses
2130
Discount allowed
312
Current accounts at 31 December 2018
Abel
7382
Cain
7009
Capital accounts: Abel
50000
20000
Drawings: Abel
17500
16000
313407
Additional information:
1. Inventory at 31 December 2019 $41312.
2. Office expenses owing- $240
3. Provide for depreciation: Motor vehicle- 25% of cost and Office equipment- 20% of cost.
4. Charge interest on capital at 5% per annum.
5. Charge interest on drawings: Abel- $300 and Cain- $200.
Required -
1. Prepare the Profit or Loss Appropriation account for the year ended 31 December 2019.
2. Prepare Statement of Financial Position as at 31 December 2019.
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