428) Ryginx Aeorion-Non x Acorion-Nort X Aeorion - Nort x https://aeorio X IFRS-How we X horror movies x cu.edu.jm/lms/students/dotest.aspx?test_id=45874&SequencelD-5571751&hideFB-true Fay and Frank are in partnership sharing profits and losses in the ratio 3:2. The following is their trial balance as at 30 September 2016. Dr Cr $ Buildings (cost $210,000) 160,000 Fixtures at cost 8,200 Provision for depreciation: Fixtures 4,200 Accounts receivable 61,400 Accounts payable 26,590 (K) Cash at bank 6,130 Inventory at 30 September 2015 62,740 Sales 363,111 Purchases 210,000 Carriage outwards 3,410 Discounts allowed 620 Loan interest: P. Prince 3,900 Office expenses 4,760 Salaries and wages 57,809 1,632 arch Bad debts Allowance for doubtful debts. Loan for P. Prince Capitals: Fay Frank Current accounts: Fay Drawings: Fay Required: Frank Frank 1,400 65,000 100,000 75,000 41,000 1,200 31,800 28.200 640601 640,601 Prepare the Statement pf profit or Loss and profit and loss appropriation account for the year ending 30 September 2016 and the statement of Financial Position as at that date. (40 marks) Inventory, 30 September 2016, $74,210. Depreciate fixtures 15 per cent on reducing balance basis, buildings $5,000. a) b) Expenses to be accrued: Office Expenses $215; Wages $720. c) d) Reduce provision for doubtful debts to $1,250 e) Partnership salary: $30,000 to Fay. Not yet entered. Interest on drawings: Fay $900; Frank $600. (a) Interest on capital account balances at 5 per cent D 600 5:12 PM 400 12/21/2000