Jack and Jill are in business as partners without any formal agreement. Their Trial Balance as at

Question:

Jack and Jill are in business as partners without any formal agreement. Their Trial Balance as at the year-end appears as shown. During the year Jack’s drawings amounted to £35,000 and Jill’s to £16,000.

Required:

(a) Show the partners’ Capital accounts and the Current accounts in columnar format (i.e. with a column for every partner in each account).

(b) Prepare the Statement of financial position of the partnership as at 30 June 2012.

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Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 29, 2023 10:26 AM

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Jack and Jill are in business as partners without any formal agreement. Their Trial Balance as at

Question:

Trial Balance as at 30 June 2012 Non-current assets Depreciation - 30.6.2012 Inventory - 30.6.2012 Receivables and payables Profit for the year Partners' drawings Capital account: Jack Jill Cash and bank £'000 £'000 840 648 584 51 I 13 380 596 260 600 300 2,136 2,136

Step by Step Answer:

a Drawings Balance cd Capital accounts Jack Jill Current ...View the full answer

Financial Accounting An Introduction

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