(3) Tom & faith are in a partnership Sharing profits and losses ratio of 3/5s for Tom and 2/5 for faith. in the The partnership deed provides for interest on capital at the rate. 5% and interest on drawings. per annum The partners are entitled to annual Salaries of $2000 and $1000 for Tan Tom & faith respectively The following balance were extracted from the books of the partnership as at 30th Sept 2026. Capital accounts 14.000 10.000 Tom faith Current accounts Tum 4,000 2.500 farth ܐܘ Drawings Tom 3.800 Farth 2.200 Notes During the year the partne made a net profit of 15,000 for the business. Prepare the partner's current account as of 30th Sept 2020
(3) Tom & faith are in a partnership Sharing profits and losses ratio of 3/5s for Tom and 2/5 for faith. in the The partnership deed provides for interest on capital at the rate. 5% and interest on drawings. per annum The partners are entitled to annual Salaries of $2000 and $1000 for Tan Tom & faith respectively The following balance were extracted from the books of the partnership as at 30th Sept 2026. Capital accounts 14.000 10.000 Tom faith Current accounts Tum 4,000 2.500 farth ܐܘ Drawings Tom 3.800 Farth 2.200 Notes During the year the partne made a net profit of 15,000 for the business. Prepare the partner's current account as of 30th Sept 2020
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ON
Tom & faith are in a partnership
ratio of 3/5
sharing profits and losses in the
for
Tom and 2/5 for faith
The partnership deed
provides for
interest on capital at the rate
10%
5% and interest on drawings
per annum
The
partners are entitled to annual
Salaries of $2000 and $1000 for
Tom & faith respectively
The following balance were extracted
from the books of the partnership
as at 30th Sept 2026
Capital accounts
14.000
10.000
Iom
faith
Current accounts
4,000
laith
2.500
Drawings
a
3.800
Tom
Farth 2.200
Notes:
During the
year the partners
made a not
profit of 15,000
for the business:
Prepare the partner's current
account as of 30th Sept 2020
0
bencils T
ol picks bef
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