ASSIGNMENT 2 Abibitu, Biye and Cindy are in an accounting partnership and have agreed to share profits and losses in equal proportions. The following trial balance was taken from the firm's books at 28 February 2010: Fee income Premises at st 890,000 500,000 60,000 Office equipment at cost Vehicles at cost Depreciation accounts 01 03 09 Office equipment 25,000 Rates, rent and insurance 115,000 Communication expenses 46,000 Staff salanes Energy costs Stationery Sundry expenses Bad debts written off in the year4,000 Prov. for doubtfu debts 01 03 09 230,000 58,000 87,000 52,000 Cash and bank Capital accounts 01 03 09 9,000 110,000 110,000 100,000 Cument accounts 01 0309 5,000 5,000 4,000 Drawings in year 1.334.000 1 334.000 Notes at 28 February 2010: .Staff salaries owing amounted to $9,000 Rates prepaid amounted to $3,000 * Office equipment depreciated at 10% pa on ost " vehicles are deprecated at 25% pa on cost .The provision for doubtful debts is to be increased to $5,500 The partners are to be credited with the following salaries $18,000 $9.000 TASKS a) Prepare the partnership profit and loss account (ncome statement), including an appropriation section for the year ended 28 February 2010. [8 b) Prepare the partners cument accounts for the year ended 28 February 2010. [4 c) Prepare the partnership balance sheet (position statement) as at 28 February 2010. [8]