Question 2: Draw up a profit and loss appropriation account for the year ended 31 March 2008 and balance sheet extracts at that date, from the following: ) Net profits £111,100. (W ) Interest to be charged on capitals: Blair £3,000; Short £2,000; Steel £1,500. (Hi ) Interest to be charged on drawings: Blair E400; Short E300; Steel £200. (M) Salaries to be credited: Short £20,000; Steel E25,000. (V) Profits to be shared: Blair 70%; Short 20%; Steel 10%. (w) Current accounts: balances b/d Blair £18,600; Short 3 £9,460; Steel E8,200. (vi) Capital accounts: balances b/d Blair £100,000; Short £50,0003; Howe £25,000. (vii) Drawings: Blair E39,000; Short £27,100; Steel £16,800

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Question 2: Draw up a profit and loss appropriation account for the year ended 31 March 2008 and balance sheet extracts at that
date, from the following:
() Net profits £111,100.
(H ) Interest to be charged on capitals: Blair £3,000; Short £2,000; Steel £1,500.
(Hi) Interest to be charged on drawings: Blair £400; Short £300; Steel £200.
(M) Salaries to be credited: Short £20,000; Steel £25,000.
(V) Profits to be shared: Blair 70%; Short 20%; Steel 10%.
(wi) Current accounts: balances b/d Blair £18,600; Short 3 £9,460; Steel £8,200.
(vi) Capital accounts: balances b/d Blair £100,000; Short £50,000; Howe £25,000.
(vii) Drawings: Blair £39,000; Short £27,100; Steel £16,800
Transcribed Image Text:Question 2: Draw up a profit and loss appropriation account for the year ended 31 March 2008 and balance sheet extracts at that date, from the following: () Net profits £111,100. (H ) Interest to be charged on capitals: Blair £3,000; Short £2,000; Steel £1,500. (Hi) Interest to be charged on drawings: Blair £400; Short £300; Steel £200. (M) Salaries to be credited: Short £20,000; Steel £25,000. (V) Profits to be shared: Blair 70%; Short 20%; Steel 10%. (wi) Current accounts: balances b/d Blair £18,600; Short 3 £9,460; Steel £8,200. (vi) Capital accounts: balances b/d Blair £100,000; Short £50,000; Howe £25,000. (vii) Drawings: Blair £39,000; Short £27,100; Steel £16,800
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