Mutt and Jeff are partners in a business sharing profit and loss 2:1. Their trial balance...
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Mutt and Jeff are partners in a business sharing profit and loss 2:1. Their trial balance as at March 31, 2015 was as follows: Wages and salaries Office expenses Provision for bad debts Bad debts Loan interest Discount allowed Carriage outwards Purchases Sales Stock at Mar 31, 2014 Bank Creditors Debtors Fixtures Provision for Depreciation on Fixtures Building Provision for Depreciation on Building Loan Capital - Mutt - Jeff Current account - Mutt - Jeff Drawings - Mutt - Jeff Returns Carriage inwards Discount received Commission received $ 12,850 9,400 4,650 8,000 3,240 2,350 202,600 63,450 63,800 34,000 22,000 150,000 3,500 12,500 11,300 3,560 1,200 608,400 $ 800 282,500 22,350 6,600 40,000 95,000 100,000 50,000 2,300 2,050 2,300 4,500 608,400 The following additional information is also available: i. Jeff is to be paid a salary of $1,650. ii. Interest on capital is to be paid at 10% iii. Interest on drawings is charged at 5% iv. Commission received is owi $500. v. Provide for depreciation of fixtures 10% reducing balance, building 5% straight line vi. The provision for bad debts is to be revised to 5% of debtors. vii. Office expenses amounting to $600 and wages amounting to $550 are owing. viii. Stock at March 31, 2015 is $112,680. Required: Prepare Mutt and Jeff's statement of profit & loss and appropriation account for the year ending March 31, 2015, as well as the current account and the balance sheet as at that date. Mutt and Jeff are partners in a business sharing profit and loss 2:1. Their trial balance as at March 31, 2015 was as follows: Wages and salaries Office expenses Provision for bad debts Bad debts Loan interest Discount allowed Carriage outwards Purchases Sales Stock at Mar 31, 2014 Bank Creditors Debtors Fixtures Provision for Depreciation on Fixtures Building Provision for Depreciation on Building Loan Capital - Mutt - Jeff Current account - Mutt - Jeff Drawings - Mutt - Jeff Returns Carriage inwards Discount received Commission received $ 12,850 9,400 4,650 8,000 3,240 2,350 202,600 63,450 63,800 34,000 22,000 150,000 3,500 12,500 11,300 3,560 1,200 608,400 $ 800 282,500 22,350 6,600 40,000 95,000 100,000 50,000 2,300 2,050 2,300 4,500 608,400 The following additional information is also available: i. Jeff is to be paid a salary of $1,650. ii. Interest on capital is to be paid at 10% iii. Interest on drawings is charged at 5% iv. Commission received is owi $500. v. Provide for depreciation of fixtures 10% reducing balance, building 5% straight line vi. The provision for bad debts is to be revised to 5% of debtors. vii. Office expenses amounting to $600 and wages amounting to $550 are owing. viii. Stock at March 31, 2015 is $112,680. Required: Prepare Mutt and Jeff's statement of profit & loss and appropriation account for the year ending March 31, 2015, as well as the current account and the balance sheet as at that date.
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Mutt and Jeffs Statement of Profit and Loss for the year ending March 312015 Sales 282600 Less Cost ... View the full answer
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