Frame and French are in partnership sharing profits and losses in the ratio 3/S: 2/5, respectively. The following is their trial balance as at 30 September 2005. Dr Cr Buildings (cost $210,000) Fixtures at cost Provision för depreciation: Fixtures Debtors Creditors Cash at bank 160,000 8,200 4,200 61,400 26,590 6,130 62,740 Stock at 30 September 2004 Sales Purchases Carriage outwards Discounts allowed 363,111 210,000 3,410 620 3.900 4,760 57,809 1,632 Loan interest: P Prince Office expenses Salaries and wages Bad debts Provision for doubtful debts Loan from P Prince Capitals: Frame French 1,400 65,000 100,000 75,000 4,100 1,200 Current accounts: Frame French Drawings: Frame French 31.800 28,200 640,601 640,601 Stočk, 30 June 2009, $74,210. Expenses to be accrued: Office Expenses $215; Wages $720. Depreciate fixtures 15 per cent on reducing balance basis, buildings $5,000. Reduce provision for doubtful debts to $1,250. Partnership salary: $30,000 to Frame. Not yet entered. Interest on drawings: Frame $900; French $600. Interest on capital account balances at 5 per cent i. ii. ii. iv. V. Vi. vii. Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 2009, and a balance sheet as at that date.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Additionally, provide an analysis of the transaction. Use a chart like the one from question to advise the affect that the transaction will have on Assets, Liabilities or Owner's equity. Please also include the account that is affected for the category (Cash, Unearned Revenue etc)

Frame and French are in partnership sharing profits and losses in the ratio 3/5:2/5. respectively.
The following is their trial balance as at 30 September 2005.
Dr
Buildings (cost $210,000)
Fixtures at cost
Provision för depreciation: Fixtures
Debtors
Creditors
Cash at bank
160,000
8,200
4,200
61,400
26,590
6,130
62,740
Stock at 30 September 2004
Sales
Purchases
Carriage outwards
Discounts allowed
Loan interest: P Prince
Office expenses
Salaries and wages
Bad debts
Provision for doubtful debts
Loan from P Prince
363,111
210,000
3,410
620
3.900
4,760
57,809
1.632
1,400
65,000
100,000
75,000
4,100
Capitals: Frame
French
Current accounts: Frame
French
1,200
Drawings: Frame
French
31.800
28,200
640,601
640,601
Stočk, 30 June 2009, $74,210.
Expenses to be accrued: Office Expenses $215; Wages $720.
Depreciate fixtures
Reduce provision for doubtful debts to $1.250.
Partnership salary: $30,000 to Frame. Not yet entered.
Interest on drawings: Frame $900; French $600.
Interest on capital account balances at 5 per cent
ii.
iii.
per cent on reducing balance basis, buildings $5,000.
iv.
V.
Vi.
vii.
Required:
Prepare a trading and profit and loss appropriation account for the year ended
30 June 2009, and a balance sheet as at that date.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions