Reference no: EM132733152
Question - Ayo and Ekene are in partnership sharing a ration of 2:1 respectively. the following information has been extracted from the accounts of Ayo and Ekene after the preparation of the statement of comprehensive income for the year ended 31 May 2016.
$
Net profit for the year 25 900
Partnership salary
Ayo 7000
Ekene 9000
Non-current assert 28 000
Provision for depreciation 14 000
Inventory at 31 May 2016 4000
Trade receivable 3000
Bank overdraft 1000
Trade payable 2000
Accrued rent payable 1600
Prepaid insurance 200
Capital accounts at 1 June 2015
Ayo 10 000
Ekene 5000
Current account at 1 June 2015
Ayo 3100 Dr
Ekene 5200 Dr
At 31 May 2016, the following is relevant.
1. The partnership are entitled to interest on their capital accounts at 6% capital at annum.
2. Neither partners has made drawings during the year.
Required -
(a) Prepare the appropriation account for the year ended 31 May 2016.
(b) Prepare the current accounts for Ayo and Ekene, in columnar form, for the year ended 31 May 2016.
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