The balances extracted from the books of Tom & Jerry are shown below: Capital Accounts - Tom Capital Accounts - Jerry Current Accounts - Tom Current Accounts - Jerry Drawings - Tom Drawings - Jerry Profit and Loss Account for 2022 Furniture & Fittings Office Equipment Signage Bank Closing Stocks TOTAL RM 8,000 3,500 68,000 22,850 22,560 76,140 83,050 284.100 RM 100,000 100,000 7,500 4,600 72,000 284.100

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 4MAD: Compare The Home Depot and Lowes Using your answers for The Home Depot, Inc. (HD) in MAD 1-2 and...
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The partners have agreed that:

• Profit and losses are to be shared equally.

• Interest on Drawings is at 3% per year.

• Interest on Capital is at 5% per year.

Required:

a.

Prepare the Profit and Loss Appropriation Account for the year ending 31 December 2022.

 

b.

The Partners’ Current Account for the year 2022.

 

 

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Question 5
The balances extracted from the books of Tom & Jerry are shown below:
Capital Accounts - Tom
Capital Accounts - Jerry
Current Accounts - Tom
Current Accounts - Jerry
Drawings - Tom
Drawings - Jerry
Profit and Loss Account for 2022
Furniture & Fittings
Office Equipment
Signage
Bank
Closing Stocks
TOTAL
RM
8,000
3,500
68,000
22,850
22,560
76,140
83,050
284,100
RM
100,000
100,000
7,500
4,600
72,000
284,100
Transcribed Image Text:Question 5 The balances extracted from the books of Tom & Jerry are shown below: Capital Accounts - Tom Capital Accounts - Jerry Current Accounts - Tom Current Accounts - Jerry Drawings - Tom Drawings - Jerry Profit and Loss Account for 2022 Furniture & Fittings Office Equipment Signage Bank Closing Stocks TOTAL RM 8,000 3,500 68,000 22,850 22,560 76,140 83,050 284,100 RM 100,000 100,000 7,500 4,600 72,000 284,100
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ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,