Other balances extracted from the books of Barney and Swiper include: Barney Swiper Capital Accounts 60O 35 0 Drawings Barney (01 October 2014 to 31 March 2015) Swiper (01 January 2015 to 31 March 2015) 4 00 12 00 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 capıtal 1s to be paid at the rate of 5° per annum. Interest on drawings is to be charged at the rate of 10%% 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 vear ended 31 March 2015

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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b. Other balances extracted from the books of Barney and Swiper include:
Barney
Swiper
Capital Accounts
60 0
350
Drawings
4 00
Barney (01 October 2014 to 31 March 2015)
Swiper (01 January 2015 to 31 March 2015)
12 00
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 1s to be paid at the rate of 5 o per annum.
Interest on drawings is to be charged at the rate of 10%% 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 fer the
year ended 31 March 2015
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Transcribed Image Text:b. Other balances extracted from the books of Barney and Swiper include: Barney Swiper Capital Accounts 60 0 350 Drawings 4 00 Barney (01 October 2014 to 31 March 2015) Swiper (01 January 2015 to 31 March 2015) 12 00 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 1s to be paid at the rate of 5 o per annum. Interest on drawings is to be charged at the rate of 10%% 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 fer the year ended 31 March 2015 Add file ubmit Рage 1
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