00:26 40all 67% i QUESTIONS...STUDENTS 1. Abass and Okafor are in partnership sharing Profits and Losses in the ratio 2:3 respe The following balances were extracted from the partnership books on 31 December 20 Capital (Equity) Accounts: Abass Okafor Current Accounts: N 15,500 18,070 Abass Okafor 29,800 9,500 Drawings: Abass 1,100 Okafor 1,750 Motor Vehicles 54,000 Office Furniture 23,800 Advertisement 5,900 Turnover 149,500 Return Inwards 3,000 Purchases 70,600 Returns Outwards 5,500 Opening Inventory 24,600 Carriage Inwards 3,300 Discount Allowed 3,400 Discount Received 2,300 Rents and Rates 3,950 Salaries and Wages 16,000 Carriage Outwards 5,600 Electricity 2,300 Provision for Depreciation: Motor Vehicles 13,500 Office Furniture 7,140 Bills Payable 7,500 30.000