Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Bennett and Barney decide to form a partnership on 0 1 / 0 7 / 2 0 2 1 . Bennett and Barney operate on
Bennett and Barney decide to form a partnership on Bennett and Barney operate on an accrual basis with the financial year from July to the June the following year. Partnership proceeds are divided as Bennett and Barney The Partnership provided an extract of their Trial balance and additional pertinent information of the partnership to be incorporated in the preparation of three financial accounts and statements at the close of the first financial year of operating June The financial data is uploaded in the Microsoft excel file FNSACCATTMPTQMv Ignore GST for this task. With Strict adherence to GPC Bookkeeping Services organisational policies and Procedures complete the following: Additional Information: Closing inventories counted as $ Interest on capital at per annum Interest on drawings at per annum Partners salaries owing $ each Drawings for Bennett $ and $ Drawings for Barney $$ and $ Prepare the Profit and Loss Appropriation Account. Prepare the Partners current accounts. Prepare the Partnership Balance Sheet as at June Looks incorrect previous response had sales at Sales should be bPartnership Balance Sheet as at June still required. Also drawings amount for partner B is not it is total of in drawings.
Bennett and Barney decide to form a partnership on Bennett and Barney operate on an accrual basis with the financial year from July to the June the following year.
Partnership proceeds are divided as Bennett and Barney
The Partnership provided an extract of their Trial balance and additional pertinent information of the partnership to be incorporated in the preparation of three financial accounts and statements at the close of the first financial year of operating June
The financial data is uploaded in the Microsoft excel file FNSACCATTMPTQMv Ignore GST for this task.
With Strict adherence to GPC Bookkeeping Services organisational policies and Procedures complete the following:
Additional Information:
Closing inventories counted as $
Interest on capital at per annum
Interest on drawings at per annum
Partners salaries owing $ each
Drawings for Bennett $ and $
Drawings for Barney $$ and $
Prepare the Profit and Loss Appropriation Account.
Prepare the Partners current accounts.
Prepare the Partnership Balance Sheet as at June Looks incorrect previous response had sales at Sales should be
bPartnership Balance Sheet as at June still required. Also drawings amount for partner B is not it is total of in drawings.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started