Frame and French are in partnership sharing profits and losses in the ratio 3:2. The following is

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Frame and French are in partnership sharing profits and losses in the ratio 3:2. The following is their trial balance as at 30 September 2023:

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(a) Inventory at the end of the year was £74,210.

(b) Expenses to be accrued: Office Expenses £215; Wages £720.

(c) Depreciate fixtures 15 per cent on reducing balance basis, buildings £5,000.

(d) Reduce allowance for doubtful debts to £1,250.

(e) Partnership salary: £30,000 to Frame. Not yet entered.

(f) Interest on drawings: Frame £900; French £600.
(g) Interest on capital account balances at 5 per cent.
Required:
Prepare an income statement and profit and loss appropriation account for the year ending 30 September 2023 and a balance sheet as at that date.

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