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Part B
From the information provided on the 30 June 2016 (2 years later) prepare the Profit and Loss Account, Profit & Loss Appropriation Account and the Partners Current Capital Accounts to show the profit distribution for the year ended 30 June 2016, and show the Partnership Funds section only of the balance sheet.
Lee has decide to reinvest their salary back in the partnership however Gillies salary is paid in cash.All other amounts are reinvested back in the partnership.Information:• Gross Profit for the year ended 30 June, 2016 was $820,000.• Other operating expenses $555,391/other operating revenue $10,000• Lee and Gillies to each receive a salary of $70,000• Interest on loan - Lee -$1,500• Interest on Advance - Gillies - $500• Profits and losses are shared equally by the partners• Interest is allowed on partners Fixed Capital and Current Capital balances at 6% per annum(year).• Partners are to be allotted a bonus of $4,000 each per annum.• Interest on drawings - Lee $255 and Gillies $270.• Charge Gillies $615 on his current capital deficit.• Drawings made during the year:Lee: $6,000 Gillies: $6,000• After all the above transactions have been recorded, transfer partners Drawings to theirCurrent Capital a/cs.• Fixed capital account balances are unchanged from 15/8/15 and are $50,000 for each partner• Current Capital a/c balances on 1/7/16: Lee $4,250 (Cr) and Gillies $6,140 (Dr)
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