Jones, Jackman and Johnson are partners in the consulting firm of Triple J Partners. The balance sheet of the partnership as at 30 June 2019 is set out below.

It was agreed that all profits would be divided equally between the partners. Business transactions for the year were as follows (ignore GST).

Inventory at 30 June 2020 was $38 700 and Accounts Payable was $18 000. Non‐current assets are depreciated at 10% p.a.

Required

(a) Prepare the income statement for the year ended 30 June 2020.

(b) Prepare the statement of changes in partners’ equity for the year ended 30 June 2020.

(c) Prepare the balance sheet as at 30 June 2020.

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CURRENT ASSETS Cash at bank Accounts receivable Inventory NON-CURRENT ASSETS Plant and Equipment Office furniture CURRENT LIABILITIES Accounts Payable (for purchases) TRIPLE J PARTNERS Balance Sheet as at 30 June 2019 $30900 28000 40 000 $ 98.900 76000 30000 106000 $204900 19500 EQUITY Partner's capital accounts: Jones 55000 Jackman Johnson 52 000 54000 161000 Partner's retained earnings: Jones 8200 Jackman Johnson 8200 8000 24400 $204900