Two partners, Peter Tom and Sheila Thumb, have the following details of their accounts for the year

Question:

Two partners, Peter Tom and Sheila Thumb, have the following details of their accounts for the year ended 31 December 2012.

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Prepare the relevant income statement and statement of financial position extracts.

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Accounting

ISBN: 9781119977186

3rd Edition

Authors: Michael J. Jones

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Question Posted: May 19, 2024 02:05 AM

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Two partners, Peter Tom and Sheila Thumb, have the following details of their accounts for the year

Question:

Profit sharing ratio: 3 Tom, 1 Thumb Salaries: Tom 10,000, Thumb 30,000 Drawings: Tom 25,000, Thumb 30,000 Net profit before appropriation: 100,000 Capital accounts: Tom 8,000 Thumb 6,000 Current accounts: Tom 3,000 cr Thumb 1,000 dr

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Accounting

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