Jackie and Kern entered into partnership on 1 April 2014. The partners agreed that:

• Interest should be allowed on fixed capitals at 10 percent per annum

• Jackie should receive a salary of $60 000 per annum

• remaining profits and losses should be shared between Jackie and Kerri in the ratio 3: 2, respectively.

The partnership made a profit of $216,000 during the year ended 31 March 2015. Prepare:

a. The partners' capital accounts

b. The partners' drawing accounts

c. The appropriation account for the year ended 31 March 2015

d. The partners' current accounts.

Transcribed Image Text:

Additional information: Drawings for capitals the year ended drawings for the Fixed Interest on year ended 31 March 2015 31 March 2015 $ 2$ Jackie 360 000 38 500 4 620 Kerri 600 000 58 500 7 020