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1. • CommentAuthorjen42179
   • CommentTimeMay 22nd 2007 edited

    
   The following is the trial balance of the partnership of Moore and Wright at 31 March Year 7:
   
   $ $
   
   Capital - Moore 60,000
   - Wright 15,000
   Current Accounts: Moore 2,300
   Wright 1,600 1,600
   Fixtures and Fittings at cost 24,000
   Provision of depreciation of Fixtures
   and Fittings at 1 April Yr 6 6,000
   Stock, at 1 April Yr 6 41,600
   Sales 187,400
   Purchases 1,400
   Rent 1,500
   Rates 1,700
   Debtors and Creditors 2,900 25,200
   Insurance 3,600
   Heating and lighting 3,900
   Carriage Inwards 4,800
   Discounts Allowed 6,000
   General Expenses 12,000
   Drawings - Moore 17,400
   Wright 31,400
   Bank 33,200
   Wages 104,300
   293,600 293,600
   
   Additional Information:
   
   1. Stock at 31 March Yr 7 was Yr 7 was valued at cost $46,000.
   2. Depreciation of $2,000 is to be written off Fixtures and Fittings.
   3. During the year, Wright took goods which cost $200 for his own use but no entry has been made in the books.
   4. Wages accrued, at 31 March Yr 7, amounted to $1,100 and Rates of $700 had been prepaid.;
   5. The partnership agreement provided that:
   a) interest at the rate of 8% per annum is to be allowed on the partners' Capital Acoount balances.
   b) Wright is to be credited with the salary of $5,000 per annum.
   c) profits and losses are to be shared in the same ratio as capital.
   
   REQUIRED:
   
   1. Prepare the Trading, Profit & Loss And Appropriation Account for the partnership for the year ended 31 March Yr 7. (12 marks)
   2. Write up the partners' Current Accounts for the year ended 31 March Yr 7, in columnar form. (7 marks)
   3. Prepare the Balance Sheet of the partnership at 31 March Yr 7. (6 marks)
   (total 25 marks)
2. • CommentAuthoradewest202
   • CommentTimeMay 23rd 2007

    
   can solvi e the question for u without stress but not via this site. i will want u send ur address for mailing or if u want me to meet u so that we can do it together.
   
   if u care u can talk to me over adewestmgt@gmail.com