goods. They share profit and losses in the ratio 3:2. The trial balance below was Question...

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goods. They share profit and losses in the ratio 3:2. The trial balance below was Question Six ad Moon are trading partners dealing in cosmetics and other assorted extracted from the books of the partners as at 31" December, 2012. DR CR GHe GHe Goodwill 400,000 Bank overdraft 100,000 Sales 2,500,000 Cost of Sales 1,200,000 400,000 Debtors and Creditors 300,000 Sundry expenses Stocks (31/12/12) Loan from Sun at 15% per annum. Freehold property Motor vehicle 450,000 150,000 200,000 900,000 600,000 Fixture and fittings Provision for depreciation: Motor vehicles Fixture and fittings Net profit (31/12/11) 400,000 140,000 240,000 200,000 Drawings: 70,000 60,000 Sun Moon Capital Account: Sun 500,000 300,000 Moon Current Account: Sun 120,000 Moon 30,000 4.630.000 4.630,000 The following information is relevant: i. Interest on loan from Sun had neither been paid nor provided for. Motor Vehicles and Fixtures and fittings are to be depreciated at the r of 10% and 20% percent per annum respectively on the reducing balane ii. methods. Sundry expenses outstanding at 31/12/12 amounted to GH¢50,000. Capital attracts interest of 10% per annum. Moon is to be paid a monthly salary of GH¢3,000. No interest is allowed or charged on Current accounts or on drawings. ii. iv. You are required to prepare: a. Income Statement b. Profit and Loss Appropriation account c. Partners Current account d. Statement of Financial Position as at 31/12/2012 goods. They share profit and losses in the ratio 3:2. The trial balance below was Question Six ad Moon are trading partners dealing in cosmetics and other assorted extracted from the books of the partners as at 31" December, 2012. DR CR GHe GHe Goodwill 400,000 Bank overdraft 100,000 Sales 2,500,000 Cost of Sales 1,200,000 400,000 Debtors and Creditors 300,000 Sundry expenses Stocks (31/12/12) Loan from Sun at 15% per annum. Freehold property Motor vehicle 450,000 150,000 200,000 900,000 600,000 Fixture and fittings Provision for depreciation: Motor vehicles Fixture and fittings Net profit (31/12/11) 400,000 140,000 240,000 200,000 Drawings: 70,000 60,000 Sun Moon Capital Account: Sun 500,000 300,000 Moon Current Account: Sun 120,000 Moon 30,000 4.630.000 4.630,000 The following information is relevant: i. Interest on loan from Sun had neither been paid nor provided for. Motor Vehicles and Fixtures and fittings are to be depreciated at the r of 10% and 20% percent per annum respectively on the reducing balane ii. methods. Sundry expenses outstanding at 31/12/12 amounted to GH¢50,000. Capital attracts interest of 10% per annum. Moon is to be paid a monthly salary of GH¢3,000. No interest is allowed or charged on Current accounts or on drawings. ii. iv. You are required to prepare: a. Income Statement b. Profit and Loss Appropriation account c. Partners Current account d. Statement of Financial Position as at 31/12/2012

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Ansa Sun and Moon Partnership Income Statement For the Year Ending 31st December... View the full answer