Oscar and Felix are in partnership. They share profits in the ratio: Oscar 60 per cent; Felix 40 per cent. The following trial balance was extracted as at 31 March 20X9.

Required:
Draw up as et of final accounts for the year ended 31 March 20X9 for the partnership. The following notes are applicable at 31 March 20X9.

(a) Stock 31 March 20X9 £27,340.

(b) Office expenses owing £110.
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(c) Provide for depreciation: motor 20 per cent of cost, office equipment 10 per cent of cost.

(d) Charge interest on capitals at 10 per cent.

(e) Charge interest on drawings: Oscar £180; Felix £210.

Transcribed Image Text:

Dr JE Cr Office equipment at cost 6,500 Motor vehicles at cost 9,200 Provision for depreciation at 31.3.20X8: Motor vehicles 3,680 Office equipment 1,950 Stock at 31 March 20X8 24,970 Debtors and creditors 20,960 16,275 Cash at bank 615 Cash in hand 140 Sales 90,370 Purchases 71,630 Salaries 8,417 Office expenses 1,370 Discounts allowed 563 Current accounts at 31.3.20X8 Oscar 1,379 Felix 1,211 Capital accounts: Oscar 27,000 Felix 12,000 Drawings: Oscar Felix 5,500 4,000 153,865 153,865