question 2 Ahmed, Babu and Chatu are partners sharing profit and losses in the ratio 3:1:1 after

question 2

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Ahmed, Babu and Chatu are partners sharing profit and losses in the ratio 3:1:1 after interest on capital at 10% and salaries to Babu and Chatu of sh 300,000 each. Their trial balance for period ended 31/12/03 is as follows. Capital accounts: Ahmed Babu Chatu Sales and purchases Debtors and creditors Returns Discounts Office expenses Current accounts: Ahmed Dr sh 6,000,000 2,000,000 400,000 200,000 2 1,000,000 Cr sh 3,000,000 2,000,000 1,500,000 10,000,000 800,000 200,000 300,000 500,000 Ahmed, Babu and Chatu are partners sharing profit and losses in the ratio 3:1:1 after interest on capital at 10% and salaries to Babu and Chatu of sh 300,000 each. Their trial balance for period ended 31/12/03 is as follows. Capital accounts: Ahmed Babu Chatu Sales and purchases Debtors and creditors Returns Discounts Office expenses Current accounts: Ahmed Dr sh 6,000,000 2,000,000 400,000 200,000 2 1,000,000 Cr sh 3,000,000 2,000,000 1,500,000 10,000,000 800,000 200,000 300,000 500,000

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The detailed answer for the above question is provided below QUESTION ONE AHMED BABU AND CHATU PARTNERSHIP TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING 31 ST DEC 2003 Sh Sh Sh Sales 10000000 Le... View the full answer