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Prepare statement of partners equity and the balance sheet

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Reference no: EM133134247

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.

Reference no: EM133134247

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