Sheridan, Wilson and Palmer are partners. They share profits and losses in the ratio of 3 :

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Sheridan, Wilson and Palmer are partners. They share profits and losses in the ratio of 3 : 2 : 1. In the first year of trading, ending 31 December 2016, the partnership earned a net profit of £26,000. They have agreed on the following:

• Interest should be allowed on fixed capital balances at 10% per annum.

• Wilson should receive a partnership salary of £7,000 per annum.

Capital account balances are as follows: image text in transcribed

You are required to draw up the appropriation account of the partnership for the year ended 31 December 2016.

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Accounting For Non Accountants

ISBN: 9780749465971

9th Edition

Authors: David Horner

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Question Posted: Jan 31, 2024 03:05 AM

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Sheridan, Wilson and Palmer are partners. They share profits and losses in the ratio of 3 :

Question:

Sheridan Wilson Palmer 10,000 8,000 5,500

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Sheridan Wilson Palmer Appropriation account for yea...View the full answer

Accounting For Non Accountants

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