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31 32.2A George, Henry and Lee are partners. They share profits and losses in the ratios of 5:3:2 For the year ending 31 December
31 32.2A George, Henry and Lee are partners. They share profits and losses in the ratios of 5:3:2 For the year ending 31 December 2019 their capital accounts remained fixed at the following respectively. amounts: George Henry Lee 120,000 80,000 60,000 They have agreed to give each other 4% interest per annum on their capital accounts. In addition to the above, partnership salaries of 50,000 for Henry and 30,000 for Lee are to be charged. The net profit of the partnership before taking any of the above into account was 215,400. Required: Draw up the appropriation account of the partnership for the year ending 31 December 2019.
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