Financial Accounting

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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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