Task 12

Prepare the Extracts Balance Sheet as at 30 June 2021 forthe Irene and Paul partnership according to AASB and organisational requirements with the template provided below.

Extract of Balance Sheet as of 30 June 2021
Non-Current Assets
Current Liabilities
Owner's Equity

The companyhas assigned you with another client, Paul and Irene who are inthe partnershipOne Traders Enterprises.Since you have been assigned as one of their bookkeepers, you need to prepare their partnership financial reports in line with accounting standards bygiving attention to data accuracy and reliability that has been provided below. They have provided you with the following trial balance from their accounting system for the year ended 30 June 2021:

One Traders Trial Balance as at 30 June 2021
	Debit	Credit
Advance to Irene	60,000
Loan from Paul		120,000
Capital - Paul		300,000
Capital - Irene		200,000
Current - Paul		60,500
Current - Irene		35,000
Drawings - Paul	40,000
Drawings - Irene	10,000

Profit & Loss (balance before following transactions) 150,000

The following transactions have yet to be accounted for:

Salaries of $ 30,000 each to be credited to Paul and Irene

Interest to be charged on drawings @ 7%

Interest to be charged on advance to Irene @ 6%

Interest to be credited on loan from Paul @ 8%

Interest to be allowed on fixed capitals @ 5%

Paul and Irene sharing profits in the ratio 3:1