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Prepare trading and profit-loss accounts for the year ended

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Question: Some years ago, John and George combined thek separate businesses in Oxtown and Camley into a partnership. The following abbreviated Trial Balances were extracted from the books of the two branches at 31st October, 1961:

2095_Oxtown.png

Prepare Trading and Profit & Loss Accounts for the Year ended 31st October, 1961, and a Balance Sheet of the partnership at that date. The difference on Branch Current Accounts arises because of a remittance from Camley which had not arrived at Oxtown on 31st October, 1961. The partners are entitled to 20% of the Net Profit (calculations to nearest £) of the branch they manage and then to equal shares in the rest. Also give the Camley Branch Account in the Oxtown books after the years closing entries have been made.

Reference no: EM131536763

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