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Please solve the below and provide explanation thank you

Please solve the below and provide explanation thank you

FINANCIAL ACCOUNTING
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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Please solve the below and provide explanation thank you 

8. Mutt and Jeff are partners in a business sharing profit and loss 2:1. Their trial balance as at March 31, 2000 was as follows Wages and salaries Office expenses Provision for bad debts Bad debts Loan interest Discount allowed Carriage outwards Purchases Sales Stock at Mar 31 1999 Bank Creditors Debtors Fixtures Prov. for depn on fixtures Building Prov. for depn on building Loan Capital - Mutt Jeff Current account - Mutt Jeff Drawings Mutt Jeff Returns Carriage inwards Discount received Commission received $ 12,850 9,400 4,650 8,000 3,240 2,350 202,600 63,450 63,800 34,000 22,000 150,000 3,500 12,500 11,300 3,560 1,200 $ 800 282,500 22,350 6,600 40,000 95,000 100,000 50,000 2,300 2,050 2,300 4,500 608,400 608,400 The following additional information is also available : 1. Jeff is to be paid a salary of $1,650 2. Interest on capital is to be paid at 10% 3. Interest on drawings is to be charged at 5% 4. Commission received is owing by $500 5. Provide for depreciation of fixtures 10% reducing balance, building 5% straight line 6. The provision for bad debts is to be revised to 5% of debtors 7. Office expenses $600, wages $550 are owing 8. Stock at March 31, 2000 is $112,680 Required: Prepare the set of final accounts for the year.
Transcribed Image Text:8. Mutt and Jeff are partners in a business sharing profit and loss 2:1. Their trial balance as at March 31, 2000 was as follows Wages and salaries Office expenses Provision for bad debts Bad debts Loan interest Discount allowed Carriage outwards Purchases Sales Stock at Mar 31 1999 Bank Creditors Debtors Fixtures Prov. for depn on fixtures Building Prov. for depn on building Loan Capital - Mutt Jeff Current account - Mutt Jeff Drawings Mutt Jeff Returns Carriage inwards Discount received Commission received $ 12,850 9,400 4,650 8,000 3,240 2,350 202,600 63,450 63,800 34,000 22,000 150,000 3,500 12,500 11,300 3,560 1,200 $ 800 282,500 22,350 6,600 40,000 95,000 100,000 50,000 2,300 2,050 2,300 4,500 608,400 608,400 The following additional information is also available : 1. Jeff is to be paid a salary of $1,650 2. Interest on capital is to be paid at 10% 3. Interest on drawings is to be charged at 5% 4. Commission received is owing by $500 5. Provide for depreciation of fixtures 10% reducing balance, building 5% straight line 6. The provision for bad debts is to be revised to 5% of debtors 7. Office expenses $600, wages $550 are owing 8. Stock at March 31, 2000 is $112,680 Required: Prepare the set of final accounts for the year.
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