I want perfect answer otherwise I will give downvotes Rs.3,673; Crednors Rs.2,147; Bills Payable Rs. 595. The partners had drawn Rs.45012. X and Y are equal partners in a business in which the books are kent besingle entry. The position of affairs on 1st January was as under :Rs.agreed to depreciate plant at the rate of 10% and furniture at 5%. Draw up the finaleach and were further entitled to interest on their capital at 5% per annum. It wasLiabilitiesAssetsRs.646 Cash in Hand2,029 Cash at BankBills Receivable27Bills PayableSundry CreditorsCapital Accounts:2204077,340 Sundry Debtors7,340 StockPlant4,8683,2858,018530YFurniture17,35517,355The following was the state of affairs on 31st December: Cash in Hang,Rs.40; Cash at Bank Rs.584; Debtors Rs.5,629; Bills Receivable Rs.684; SRs.3,673; Crediors Rs.2,147; Bills Payable Rs. 595. The partners had drawn Rs.each and were further entitled to interest on their capital at 5% per annum.agreed to depreciate plant at the rate of 10% and furniture at 5%. Draw up uieaccounts.

The solution is here based on given information

o interest on their capital at 5% per annum. It wa 12. X and Y are equal partners in a business in which the books are kent hu single entry. The position of affairs on 1st January was as under : Liabilities Rs. Assets Rs. 646 Cash in Hand 2,029 Cash at Bank Bills Receivable 7,340 Sundry Debtors 7,340 Stock Plant Furniture 27 Bills Payable Sundry Creditors Capital Accounts: 220 407 4,868 3,285 8,018 530 Y 17,355 17,355 The following was the state of affairs on 31st December: Cash in Hand, Rs.40; Cash at Bank Rs.584; Debtors Rs.5.629: Bills Receivable Rs.684; Sioo Rs.3,673; Crediors Rs.2,147; Bills Payable Rs. 595. The partners had drawn Rs. each and were further entitled agreed to depreciate plant at the rate of 10% and furniture at 5%. DraW up ule accounts.

o interest on their capital at 5% per annum. It wa 12. X and Y are equal partners in a business in which the books are kent hu single entry. The position of affairs on 1st January was as under : Liabilities Rs. Assets Rs. 646 Cash in Hand 2,029 Cash at Bank Bills Receivable 7,340 Sundry Debtors 7,340 Stock Plant Furniture 27 Bills Payable Sundry Creditors Capital Accounts: 220 407 4,868 3,285 8,018 530 Y 17,355 17,355 The following was the state of affairs on 31st December: Cash in Hand, Rs.40; Cash at Bank Rs.584; Debtors Rs.5.629: Bills Receivable Rs.684; Sioo Rs.3,673; Crediors Rs.2,147; Bills Payable Rs. 595. The partners had drawn Rs. each and were further entitled agreed to depreciate plant at the rate of 10% and furniture at 5%. DraW up ule accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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