9.3 The following is the trial balance of Bean and Stalk, who trade in partnership, at 31 March 20X3:

£ £

Capital account balances at 1 April 20X2:

Bean 30,000 Stalk 10,000 Current account balances at 1 April 20X2:

Bean 3,000 Stalk 5,000 Sales 150,000 Stock at 1 April 20X2 30,000 Wages 14,500 Rent 5,000 Expenses 3,000 Heat and light 1,200 Debtors/creditors 14,000 11,500 Delivery costs 5,300 Drawings:
Bean 7,000 Stalk 9,000 Cash 4,500 Fixed assets 6,000 Purchases 110,000 209,500 209,500 Notes 1 Stock at 31 March 20X3 was valued at £40,000.
2 Depreciation of £1,500 is to be written off the fixed assets for the year to 31 March 20X3.
3 At 31 March 20X3 wages accrued amounted to £500 and rent of £1,000 was prepaid.
4 On 1 February 20X3 the firm ordered and paid for goods costing £700. These were recorded as purchases but were never received as they were lost by the carrier responsible for their delivery. The carrier accepted liability for the loss during March 20X3 and paid full compensation of £700 in April 20X3. No entries had been made in the books in respect of the loss or claim.
5 Bean took goods that had cost the firm £340 for his own use during the year. No entry had been made in the books to record this.
6 The partnership agreement provided that profits and losses should be shared equally between the partners after:

(a) allowing annual salaries of £2,000 to Bean and £4,000 to Stalk;

(b) allowing interest of 5 per cent per annum on the balance of each partner’s capital account; and

(c) charging Bean £200 and Stalk £300 interest in drawings.
7 The balances on the capital accounts shall remain unchanged, all adjustments being recorded in the current accounts.
Prepare the trading, profit and loss and appropriation accounts for the Bean and Stalk partnership for the year to 31 March 20X3 and the balance sheet at that date.