Question: please help solve 3 Adomas Athen and Dauda are in partnership running a garage business Included in their partnership deed are the following terms Profits

please help solve
please help solve 3 Adomas Athen and Dauda are in partnership running

3 Adomas Athen and Dauda are in partnership running a garage business Included in their partnership deed are the following terms Profits and losses are to be shared among Adomaso Alassan and Data in the ratio 4 3 2 respectively Interest on capital is allowed at the rate of 5% per annum (0) Alhassan acting as the administrative manager, is entitled to an annual salary of GH$6.000 On 1st January, 20XB their capital and current account balances were as follows Capital Accounts (GH) Current Accounts GHS Adomako 72.000 2400 de Alhassan 40.000 3200 gradit Dauda 24.000 1500 credit By mutual agreement. Dauda on 1st July 20X8 Increased his capital by paying a further GH$6,000 into the partnership account. Adomako reduced his capital by GHEB 000 but kept this in the partnership as long-term loan attracting interest at 10% per annum Interest on the loan is to be credited to the current account The partners drawings and interest charged on drawings during the year ended 31st December 20X8 were as follows: Drawings (GHC) Interest on Drawings (GHC) Adomako 17.000 900 Alhassan 11,000 600 Dauda 6,000 300 The trading profit before interest of the garage business for the year ended 31 December, 20X8 was GH$49,350 You are required to prepare the (a) profit and loss appropriation account (b) partners' capital accounts (0) partners' current accounts (d) balance sheet of the partnership firm as at 31st Dec 20x8. SSSC

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!