Jones, Jackman and Johnson are partners in the consulting firm of Triple J Partners. The balance sheet of the partnership as at 30 June 2015 is set out below.

It was agreed that all profits be divided equally between the partners. 

Business transactions for the year were as follows (ignore GST):

Sales	$	368 600
Cash receipts: Sales collected	$	370 300
Cash payments: Purchases Salaries Office expenses Operating expenses Drawings: Jones                  Jackman                  Johnson		220 000 50 000 19 100 34 000 9 360 9 750    9 200
	$	351 410

Inventory at 30 June 2016 was $38 700 and Accounts Payable was $18 000. 

Non-current assets are depreciated at 10% per annum.

Required

A. Prepare the income statement for the year ended 30 June 2016.

B. Prepare a statement of changes in partners’ equity for the year ended 30 June 2016.

C. Prepare the balance sheet as at 30 June 2016.

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TRIPLE J PARTNERS Balance Sheet as at 30 June 2015 CURRENT ASSETS Cash at bank $30 900 Accounts receivable 28 000 $ 98 900 Inventory 40 000 NON-CURRENT ASSETS Plant and Equipment 76 000 Office furniture 30 000 106 000 $204 900 CURRENT LIABILITIES Accounts Payable (for purchases) $ 19500 EQUITY Partner's capital accounts: Jones Jackman $55 000 52 000 Johnson 54 000 161 000 Partner's retained earnings: Jones Jackman 8 200 8 200 Johnson 8 000 24 400 $204 900