The company has assigned you with another client, Paul and Irene who are in the partnership One 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 by giving 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 M @ 6%

Interest to be credited on loan from L @ 8%

Interest to be allowed on fixed capitals @ 5%

Paul and Irene sharing profits in the ratio 3:1

Question 

You are required to prepare the General Journal Entries according to AASB and organizational requirements using the template provided below.

Answer rating: 100% (QA)

Solution Journal entries in the books of One Traders Enterprices Date Particulars Amount Amount Calc... View the full answer