Jacobs, Jaohara and Jurd are partners in an importing business of JJJ Partners. The statement of financial position of the partnership as at 30 June 2025 is set out below.

Required

(a) Prepare the income statement for the year ended 30 June 2026.

(b) Prepare a statement of changes in partners’ equity for the year ended 30 June 2026.

(c) Prepare the balance sheet as at 30 June 2026.

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JJJ PARTNERS Statement of financial position as at 30 June 2025 Current assets Cash at bank Accounts receivable Inventory Non-current assets Plant and equipment Office furniture $95 000 102 600 147 000 $344 600 278 200 107 900 386 100 $730 700 Current liabilities Accounts payable $71 100 Equity Partners' capital accounts: Jacobs $195 100 Jaohara 195 100 Jurd Partners' retained earnings: Jacobs 132 200 522 400 51 000 Jaohara 40 300 Jurd 45 900 137 200 $730 700 It was agreed that all profits should be divided equally between the partners. Business transactions for the year ending 30 June 2026 were as follows (ignore GST).