Chapter 16, Problem 16.10DMP

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Sisu, Oliver and Jones are partners. They share profits and losses in the ratios 2/5,2/5 and 1/5 respectively.  For the year ended 31 December 19x6 their capital accounts remained fixed at the following amounts  Sisu R6000  Oliver R4000  Jones R2000  They have agreed to give each other 10 per cent per annum on their capital accounts. In addition to the above partnership salaries of R3000 for Oliver and R1000 for Jones are to be charged. The net profit of the partnership before taking any of the above into account was R25200. You are required to draw up the appropriation statement of the partnership for the year ended 31 December 19x6

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Roach and Sulman own a grocery shop. Their first financial year ended on 31 December 19x0. The following balance were taken from the books on that date. Capital - Roach R60000, Suleman R48000 Partnership salaries - Roach R9000, Suleman R6000 Drawings - Roach R12860, Suleman R13400 The first net profit for the year was R32840  Interest on capital is to be allowed at 10% per year Profits and losses are to be shared equally.  From the above, prepare the firms appropriation statement and the partners current accounts

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