The following information is available from the books of Ali, Juma and Salim who are trading...

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The following information is available from the books of Ali, Juma and Salim who are trading as partners: (i) Interest on capital 6% p.a. (ii) Interest on drawing 10% p.a. (iii) Net profit for the year ended 31 December, 20044 was N$120,000. Current account balances on 1 January 2004: (iv) Ali debit balance N$12,400. Juma credit balance N$7,600. Salim credit balance N$33,800. Drawings on 1 January 2004 were: (v) (vi) Ali N$4,800; Juma N$3,600; Salim N$4,000 Salary entitlement per annum was: Ali NSNIL; Juma N$24,000; Salim N$30,000 12 (vii) Share of profit and losses Ali 5/10, Juma 3/10; Salim 2/10.. (viii) Capital Accounts balances were: Ali N$150,000 Juma N$90,000 Salim N$60,000 You are Required to prepare: (a) Profit and Loss Appropriation Account for the year ended 31 December 2004. (b) Partners Current Account for the year ended 31 December 2004. The following information is available from the books of Ali, Juma and Salim who are trading as partners: (i) Interest on capital 6% p.a. (ii) Interest on drawing 10% p.a. (iii) Net profit for the year ended 31 December, 20044 was N$120,000. Current account balances on 1 January 2004: (iv) Ali debit balance N$12,400. Juma credit balance N$7,600. Salim credit balance N$33,800. Drawings on 1 January 2004 were: (v) (vi) Ali N$4,800; Juma N$3,600; Salim N$4,000 Salary entitlement per annum was: Ali NSNIL; Juma N$24,000; Salim N$30,000 12 (vii) Share of profit and losses Ali 5/10, Juma 3/10; Salim 2/10.. (viii) Capital Accounts balances were: Ali N$150,000 Juma N$90,000 Salim N$60,000 You are Required to prepare: (a) Profit and Loss Appropriation Account for the year ended 31 December 2004. (b) Partners Current Account for the year ended 31 December 2004.

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Answer Solution Salary Particulars Juma Salim Interest on Capital Ali Juma Salim Net Profit Transfer... View the full answer