Two partners, Peter Tom and Sheila Thumb, have the following details of their accounts for the year

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Two partners, Peter Tom and Sheila Thumb, have the following details of their accounts for the year ended 31 December 2005.

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Required: Prepare the relevant trading, profit and loss and appropriation account, and balance sheet extracts.

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Financial Accounting

ISBN: 9780470058985

1st Edition

Authors: Michael J. Jones

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Question Posted: Jun 24, 2024 02:04 AM

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Two partners, Peter Tom and Sheila Thumb, have the following details of their accounts for the year

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Net profit before appropriation: 100,000 Capital accounts: Tom 8,000 Profit sharing ratio: 3 Tom, 1 Thumb Salaries: Tom 10,000, Thumb 30,000 Thumb 6,000 Current accounts: Tom 3,000 cr Drawings: Tom 25,000, Thumb 30,000 Thumb 1,000 dr

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Financial Accounting

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