Mahoney and Sutton are in partnership, sharing profits in the ratio of 3 : 2 respectively. Their
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Mahoney and Sutton are in partnership, sharing profits in the ratio of 3 : 2 respectively. Their capital account balances are as follows:
They allow themselves interest on capital at the rate of 8 per cent. Mahoney receives a salary of £5,000 and Sutton receives as salary of £7,000. Both partners have taken drawings as follows:
They charge 5 per cent interest on drawings. The net profit for the year ending 30 April
2015 was £45,000. Produce an appropriation account for the financial year for the partnership.
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Mahoney Sutton Appropriation account for year ended 30 April 2...View the full answer
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