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Question - The medical practice of Dr. W. Jarratt and Dr. M. Bramstrup had the following general ledger account balances at April 30, 2021, its fiscal year end:
Accounts payable
$26,100
M. Bramstrup, drawings
$121,000
Accumulated depreciation-equipment
15,600
Operating expenses
155,100
Cash
35,400
Service revenue
386,000
Equipment
76,300
W. Jarratt, capital
35,700
M. Bramstrup, capital
51,400
W. Jarratt, drawings
127,000
Required -
Calculate the profit or loss for the year.
Prepare the statement of partners' equity and the balance sheet, assuming the doctors share profit or loss equally.
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