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Tutorial 1 Ray, Sally and Trent have been operating a partnership for several years. According to the terms of the partnership deed profits and losses are to be shared between Ray, Sally and Trent in the ratio of 4:4:2. Sally is to be allowed a salary of $24,000 per annum. Interest of 10% is allowed on the capital account balances outstanding as at the beginning of the financial year. No interest is allowed on current accounts. Interest at 10% is charged on drawings for the year irrespective of when the drawings were made. Interest of 10% is allowed on any loan made by the partners. The following balances have been extracted from the books of the partnership as at 1" April 2019: Capital Accounts as at 14/2019 Ray 40,000 Credit Balance Sally 40.000 Credit Balance Trent 20.000 Credit Balance Current count 1/4 2019 Ray 4.000 Credit Balance Sally 18.000 Credil Balance Tren 6.000 Debit Balance Fixed Assets 160.000 Loan from Sally N0.000 Accounts Receivable Stock 1/4/2019 10.000 Accounts Payable 74.000 Accumulated Depreciation on Fixed Assets 26.000 Bank 84.000 Provision for doutefuldehes 8.000 50.000 A summary of business transactions for the year ended 31" March 2020 is as follows: 6.000 14.000 Cash Drawings Play 10.000 Sally Tre 2.000 Cash Expres Utilities 24,000 Salaries 40.000 Rental 72.000 Maintenance 18.000 Other Cash sales 420,000 Credit sales 600.000 Cashpurchas 000 Credit purchas 200.000 Sales returns from credite 4. Purchases returns (from credit purchases) 6.000 Transportation cost related to purchases 8.000 Transportation costs for delivery of good to 4,000 Purchases discounts for credit purchases 2.000 Sales discount for credit sales) 2.000 Payments received from dobiors 580000 Payments made to creditors 260,000 The following additional information relates to the financial year end 31" March 2020: Utilities 24,000 Salaries 40,000 Rental 72.000 Maintenance 18,000 Other expenses 14,000 Cash sales 420,000 Credit sales 600,000 Cash purchases 180.000 Credit purchases 240.000 Sales returns (from credit sales) 4,000 Purchases returns (from credit purchases) 6,000 Transportation cost related to purchases 8,000 Transportation costs for delivery of good to customers 4.000 Purchases discounts (for credit purchases) 8,000 Sales discounts (for credit sales) 2.000 Payments received from debtors 580,000 Payments made to creditors 260.000 The following additional information relates to the financial year end 31 March 2020: Depreciation on fixed assets for the year ended 30/3/2020 is to be provided on a diminishing balance basis at the rate of 10% per annum. Stock as at 31/3/2020: Cost $30,000 and Net Releasable Value $28,000 Rental expense is for 12 months commencing 1/12/2019. Allowance for doubtful debts is to be made at 4% of debtors outstanding as at financial year end. Bad debts to be written off is $4,000 Utilities expenses for the month of March 2020 amounting to $4,000 were only expected to be settled in April 2020. Required: (a) Prepare ledger accounts for Accounts Receivable, Accounts Payable and Bank Accounts (b) Prepare an unadjusted trial balance as at 31" March 2020 (0) Prepare balance day journal adjustments in general journal form for the year ended 31 March 2020. (a) Prepare an adjusted trial balance as at 31" March 2020