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Roger and david share profits in equal proportion

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Roger and David share profits in equal proportion. On 1 July 2018, the equity accounts stood as follows.

Roger capital $80,000

Roger retained earnings $35,000

David Capital $95,000

David retained earnings $35,000

Roger and David were entitled to 10% interest on capital and David as a manager was entitled to a salary of $30,000 p.a. During the year, David withdrew $15,000 in cash and Roger withdrew $25,000. The profit for the year ended 30June 2019 were $70,000 before providing for interest on capital balances and for David salary.

1) Prepare the profit distribution accounts for the year ended 30 June 2019

2) Prepare Roger' retained earnings account for the year ended 30 June 2019.

3) Prepare David' retained earnings account for the year ended 30 June 2019.

Reference no: EM133272850

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