Basic Accounting Assignment:

Cerrado Publicado Oct 16, 2014 Pagado a la entrega
Cerrado Pagado a la entrega

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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