Prepare the appropriation account

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Reference no: EM131201657

Practice questions:
On 1 January 1998 the capital and current accounts of the partners in Page & Partners were as follows:

	capital accounts	current accounts
Page	50,000	4,500
Jones	75,000	2,000
Beattie	85,000	5,000

During the year the following transaction took place:

	Salaries	Drawings
Page	15,000	55,000
Jones	10,000	20,000
Beattie	10,000	28,000

The net profit for the year was £131,950. Interest on capital is paid at 10% and interest on drawings is charged at 5%. The partners share the profits equally.

Prepare the appropriation account and show the partners current accounts.

Reference no: EM131201657

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