10.1 Anderson and Barrymore are in partnership. I lieir partnership agreement entitles them to 10 per cent interest on their capital and remaining profits are divided equally. The following trial balance was extracted at 30 June 20X5:

Dr Cr

£ £

Fixtures and fittings 82,000 Motor vehicles 80,000 Accumulated depreciation at 1.7.X4 Fixtures and fittings 19,000 Motor vehicles 20,000 Stock at 1.7.X4 20,000 Debtors 31,000 Creditors 24,300 Cash at bank 46,000 Sales 200,000 Purchases 98,000 Salaries and wages 21,000 Rent 11,000 Other office expenses Capital accounts 12,300 Anderson 100,000 Barrymore Current accounts at 1.7.X4 50,000 Anderson 22,000 Barrymore Drawings 15,000 Anderson 28,000 Barrymore 21,000

£450,300

£450,300 The following information is avai lable:

1. The stock at 30 June 20X5 was valued at £35,000.

2. Rent of £4,000 was paid in advance.

3. Depreciation is to be provided as follows:

Fixtures and fittings 10 per cent on cost Motor vehicles 25 per cent on cost Required:

Prepare a profit and loss account for the year ended 30 June 20X5 and the balance sheet as at that date.