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Abid and Jane are partners. They operate a secretarial agency. Their financial year ends on 3 1 March. In addition to capital invested, Abid made
Abid and Jane are partners. They operate a secretarial agency. Their financial year ends on March. In addition to capital invested, Abid made a year loan to the business on March
Abid and Jane share profits in the ratio :
The balances on their accounts on April were
Abid
R
R
Capital account
Abid
Jane
Current account
debit Abid
credit Jane
During the year ended March the partners made the following drawings:
Abid R
Jane R
During the year ended March the partners made the following drawings:
Abid
R
Jane
R
The following is an extract of the profit and loss appropriation account for the year ended March :
Appropriation Account
tableDateDetails,Amount,tDate,Details,AmountMar Interest on capital:,,Mar Profit for the year,Abid,Interest on drawings:,Jane,Abid,Salary: Jane,Jane,tableProfit available fordistribution
Prepare the current accounts of Abid and Jane for the year ended March Balance the accounts and bring down the balance on April
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