b. Other balances extracted from the books of Barney and Swiper include: Capital Accounts Barney Swiper 60 000 35 000 Drawings Barney (01 October 2014 to 31 March 2015) Swiper (01 January 2015 to 31 March 2015) 4 000 12 000 Additional information: The net income for the ycar ended 31 March 2015 15 $82 000. Barney earns an annual salary of $36 000. Interest on capital 1s to be paid at the rate of 5 o per annum. Interest on drawings is to be charged at the rate of 10%o per year. Barney and Swiper share profits and losses in the ratio of 3:2 respectively. Prepare the Profit and Loss Appropriation Account of Barney and Swiper for the year ended 31 March 2015
b. Other balances extracted from the books of Barney and Swiper include: Capital Accounts Barney Swiper 60 000 35 000 Drawings Barney (01 October 2014 to 31 March 2015) Swiper (01 January 2015 to 31 March 2015) 4 000 12 000 Additional information: The net income for the ycar ended 31 March 2015 15 $82 000. Barney earns an annual salary of $36 000. Interest on capital 1s to be paid at the rate of 5 o per annum. Interest on drawings is to be charged at the rate of 10%o per year. Barney and Swiper share profits and losses in the ratio of 3:2 respectively. Prepare the Profit and Loss Appropriation Account of Barney and Swiper for the year ended 31 March 2015
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:b. Other balances extracted from the books of Barney and Swiper include:
Capital Accounts
Barney
Swiper
60 000
35 000
Drawings
Barney (01 October 2014 to 31 March 2015)
Swiper (01 January 2015 to 31 March 2015)
4 000
12 000
Additional information:
The net income for the year ended 31 March 2015 is $82 000.
Barney earns an annual salary of $36 000.
Interest on capital 15 to be paid at the rate of 5 o per annum.
Interest on drawings is to be charged at the rate of 10%o per year.
Barney and Swiper share profits and losses in the ratio of 3:2 respectively.
Prepare the Profit and Loss Appropriation Account of Barney and Swiper for the
year ended 31 March 2015
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