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< Back art 6 Partnership accounts and company accounts 41.9 Frame and French are in partnership sharing profits and losses in the ratio '/s: 2/s, respec- tively. The following is their trial balance as at 30 September 20X5. Buildings (cost £210,000) Fixtures at cost Provision for depreciation: Fixtures Debtors Creditors Cash at bank Stock at 30 September 20X4 Sales Purchases Carriage outwards Discounts allowed Frankwood.pdf Loan interest: P Prince Office expenses Salaries and wages Bad debts Provision for doubtful debts Loan from P Prince Capitals: Frame French Current accounts: Frame French Drawings: Frame French Dr £ 160,000 8,200 61,400 6,130 62,740 210,000 3,410 620 3,900 4,760 57,809 1,632 31,800 28,200 640,601 (a) Stock, 30 June 20X9, £74,210. (b) Expenses to be accrued: Office Expenses £215; Wages £720. (c) Depreciate fixtures 15 per cent on reducing balance basis, buildings £5,000. (d) Reduce provision for doubtful debts to £1,250. (e) Partnership salary: £30,000 to Frame. Not yet entered. (f) Interest on drawings: Frame £900; French £600. (g) Interest on capital account balances at 5 per cent. Cr £ 4,200 26,590 363,111 1,400 65,000 100,000 75,000 4,100 1,200 640,601 Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 20X9, and a balance sheet as at that date.

< Back art 6 Partnership accounts and company accounts 41.9 Frame and French are in partnership sharing profits and losses in the ratio '/s: 2/s, respec- tively. The following is their trial balance as at 30 September 20X5. Buildings (cost £210,000) Fixtures at cost Provision for depreciation: Fixtures Debtors Creditors Cash at bank Stock at 30 September 20X4 Sales Purchases Carriage outwards Discounts allowed Frankwood.pdf Loan interest: P Prince Office expenses Salaries and wages Bad debts Provision for doubtful debts Loan from P Prince Capitals: Frame French Current accounts: Frame French Drawings: Frame French Dr £ 160,000 8,200 61,400 6,130 62,740 210,000 3,410 620 3,900 4,760 57,809 1,632 31,800 28,200 640,601 (a) Stock, 30 June 20X9, £74,210. (b) Expenses to be accrued: Office Expenses £215; Wages £720. (c) Depreciate fixtures 15 per cent on reducing balance basis, buildings £5,000. (d) Reduce provision for doubtful debts to £1,250. (e) Partnership salary: £30,000 to Frame. Not yet entered. (f) Interest on drawings: Frame £900; French £600. (g) Interest on capital account balances at 5 per cent. Cr £ 4,200 26,590 363,111 1,400 65,000 100,000 75,000 4,100 1,200 640,601 Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 20X9, and a balance sheet as at that date.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 14E
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Back art 6 Partnership accounts and company accounts 41.9 Frame and French are in partnership sharing profits and losses in the ratio ³/s: 2/s, respec- tively. The following is their trial balance as at 30 September 20X5. Buildings (cost £210,000) Fixtures at cost Provision for depreciation: Fixtures Debtors Creditors Cash at bank Stock at 30 September 20X4 Sales Sales Purchases Carriage outwards Discounts allowed Loan interest: P Prince Office expenses Salaries and wages Bad debts Frankwood.pdf Provision for doubtful debts Loan from P Prince Capitals: Frame French Current accounts: Frame French Drawings: Frame French Dr £ 160,000 8,200 (e) Partnership salary: £30,000 to Frame. Not yet entered. (f) Interest on drawings: Frame £900; French £600. (g) Interest on capital account balances at 5 per cent. 61,400 6,130 62,740 210,000 3,410 620 3,900 4,760 57,809 1,632 31,800 28,200 640,601 (a) Stock, 30 June 20X9, £74,210. (b) Expenses to be accrued: Office Expenses £215; Wages £720. (c) Depreciate fixtures 15 per cent on reducing balance basis, buildings £5,000. (d) Reduce provision for doubtful debts to £1,250. Cr £ 4,200 26,590 363,111 1,400 65,000 100,000 75,000 4,100 1,200 Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 20X9, and a balance sheet as at that date. 640,601
Transcribed Image Text:Back art 6 Partnership accounts and company accounts 41.9 Frame and French are in partnership sharing profits and losses in the ratio ³/s: 2/s, respec- tively. The following is their trial balance as at 30 September 20X5. Buildings (cost £210,000) Fixtures at cost Provision for depreciation: Fixtures Debtors Creditors Cash at bank Stock at 30 September 20X4 Sales Sales Purchases Carriage outwards Discounts allowed Loan interest: P Prince Office expenses Salaries and wages Bad debts Frankwood.pdf Provision for doubtful debts Loan from P Prince Capitals: Frame French Current accounts: Frame French Drawings: Frame French Dr £ 160,000 8,200 (e) Partnership salary: £30,000 to Frame. Not yet entered. (f) Interest on drawings: Frame £900; French £600. (g) Interest on capital account balances at 5 per cent. 61,400 6,130 62,740 210,000 3,410 620 3,900 4,760 57,809 1,632 31,800 28,200 640,601 (a) Stock, 30 June 20X9, £74,210. (b) Expenses to be accrued: Office Expenses £215; Wages £720. (c) Depreciate fixtures 15 per cent on reducing balance basis, buildings £5,000. (d) Reduce provision for doubtful debts to £1,250. Cr £ 4,200 26,590 363,111 1,400 65,000 100,000 75,000 4,100 1,200 Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 20X9, and a balance sheet as at that date. 640,601
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