Basic Accounting Assignment:
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i have an Accounting Assignment on partnership Due at 9am next week Tuesday could i get some help with it please
4. Mary and Jane are in partnership sharing profits and losses in the ratio 3:2. The following trial balance has
been extracted from their books for the year to 31 May 2009 after the calculation of the profit for the period:
Debit Credit
€ €
Profit for year ended 31/05/09 200,000
Bank 20,000
Capital a/c’s at 01/06/08
Mary 120,000
Jane 60,000
Current a/c’s at 01/06/08
Mary 40,000
Jane 25,000
Trade payables 300,000
Trade receivables 200,000
Drawings
Mary 80,000
Jane 30,000
Equipment at cost 50,000
Accumulated depreciation 10,000
Long-term loan 215,000
Inventory 31/05/09 320,000
Motor vehicles at cost 260,000
Accumulated depreciation 40,000
985,000 985,000
The following additional information is also provided:
The partners have agreed to the following arrangements between themselves:
(1) Interest is to be charged on drawings at a rate of 5% per annum.
(2) Interest of 10% per annum is to be allowed on capital account balances.
(3) The partner’s drawings were made on 1st December 2008.
(4) Salary for Mary is €10,000.
(5) On 31 May 2009 Mary and Jane increased their capital by e10,000 each. This has not been recorded
in the trial balance.
REQUIREMENT:
(a) Prepare the Partner’s Appropriation Account.
(b) Prepare the current and capital accounts for Mary and Kate.
(c) Prepare the balance sheet/statement of financial position for the partnership as at 31/05/09.
(d) List the key points of the Partnership Act 1890 which applies when no partnership agreement
exists.
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