< Back art 6 Partnership accounts and company accounts 41.9 Frame and French are in partnership sharing profits and losses in the ratio '/s: 2/s, respec- tively. The following is their trial balance as at 30 September 20X5. Buildings (cost £210,000) Fixtures at cost Provision for depreciation: Fixtures Debtors Creditors Cash at bank Stock at 30 September 20X4 Sales Purchases Carriage outwards Discounts allowed Frankwood.pdf Loan interest: P Prince Office expenses Salaries and wages Bad debts Provision for doubtful debts Loan from P Prince Capitals: Frame French Current accounts: Frame French Drawings: Frame French Dr £ 160,000 8,200 61,400 6,130 62,740 210,000 3,410 620 3,900 4,760 57,809 1,632 31,800 28,200 640,601 (a) Stock, 30 June 20X9, £74,210. (b) Expenses to be accrued: Office Expenses £215; Wages £720. (c) Depreciate fixtures 15 per cent on reducing balance basis, buildings £5,000. (d) Reduce provision for doubtful debts to £1,250. (e) Partnership salary: £30,000 to Frame. Not yet entered. (f) Interest on drawings: Frame £900; French £600. (g) Interest on capital account balances at 5 per cent. Cr £ 4,200 26,590 363,111 1,400 65,000 100,000 75,000 4,100 1,200 640,601 Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 20X9, and a balance sheet as at that date.
< Back art 6 Partnership accounts and company accounts 41.9 Frame and French are in partnership sharing profits and losses in the ratio '/s: 2/s, respec- tively. The following is their trial balance as at 30 September 20X5. Buildings (cost £210,000) Fixtures at cost Provision for depreciation: Fixtures Debtors Creditors Cash at bank Stock at 30 September 20X4 Sales Purchases Carriage outwards Discounts allowed Frankwood.pdf Loan interest: P Prince Office expenses Salaries and wages Bad debts Provision for doubtful debts Loan from P Prince Capitals: Frame French Current accounts: Frame French Drawings: Frame French Dr £ 160,000 8,200 61,400 6,130 62,740 210,000 3,410 620 3,900 4,760 57,809 1,632 31,800 28,200 640,601 (a) Stock, 30 June 20X9, £74,210. (b) Expenses to be accrued: Office Expenses £215; Wages £720. (c) Depreciate fixtures 15 per cent on reducing balance basis, buildings £5,000. (d) Reduce provision for doubtful debts to £1,250. (e) Partnership salary: £30,000 to Frame. Not yet entered. (f) Interest on drawings: Frame £900; French £600. (g) Interest on capital account balances at 5 per cent. Cr £ 4,200 26,590 363,111 1,400 65,000 100,000 75,000 4,100 1,200 640,601 Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 20X9, and a balance sheet as at that date.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Back
art 6 Partnership accounts and company accounts
41.9 Frame and French are in partnership sharing profits and losses in the ratio ³/s: 2/s, respec-
tively. The following is their trial balance as at 30 September 20X5.
Buildings (cost £210,000)
Fixtures at cost
Provision for depreciation: Fixtures
Debtors
Creditors
Cash at bank
Stock at 30 September 20X4
Sales
Sales
Purchases
Carriage outwards
Discounts allowed
Loan interest: P Prince
Office expenses
Salaries and wages
Bad debts
Frankwood.pdf
Provision for doubtful debts
Loan from P Prince
Capitals: Frame
French
Current accounts: Frame
French
Drawings: Frame
French
Dr
£
160,000
8,200
(e) Partnership salary: £30,000 to Frame. Not yet entered.
(f) Interest on drawings: Frame £900; French £600.
(g)
Interest on capital account balances at 5 per cent.
61,400
6,130
62,740
210,000
3,410
620
3,900
4,760
57,809
1,632
31,800
28,200
640,601
(a) Stock, 30 June 20X9, £74,210.
(b) Expenses to be accrued: Office Expenses £215; Wages £720.
(c) Depreciate fixtures 15 per cent on reducing balance basis, buildings £5,000.
(d) Reduce provision for doubtful debts to £1,250.
Cr
£
4,200
26,590
363,111
1,400
65,000
100,000
75,000
4,100
1,200
Required:
Prepare a trading and profit and loss appropriation account for the year ended 30 June 20X9, and
a balance sheet as at that date.
640,601
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