Bennett and Barney decide to form a partnership on $01/07/2021.$ Bennett and Barney operate on an accrual basis with the financial year from $1$ July to the $30$ June the following year.

Partnership proceeds are divided as Bennett $(1/3)$ and Barney $(2/3).$

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 $30$ June $2022.$

The financial data is uploaded in the Microsoft excel file FNSACC$414\_$AT$2\_$TMP$\_$TQM$\_$v$2.$ 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 $$39,000$

Interest on capital at $10\%$ per annum

Interest on drawings at $12\%$ per annum

Partners salaries owing $$22000$ each

Drawings for Bennett $01/9/21$ $$10,000$ and $\frac{1}{3}\frac{?}{22}$$$10,000$

Drawings for Barney $01/9/21$ $$10,000,\frac{01}{03}\frac{?}{22}$$$8,000$ and $\frac{01}{06}\frac{?}{22}$$$7,000$

$2.$ Prepare the Profit and Loss Appropriation Account.

$3.$ Prepare the Partners$$ current accounts.

$4.$ Prepare the Partnership Balance Sheet as at $30$ June $2022.$Looks incorrect previous response had sales at $150,000,$ Sales should be $1,000,000$

bPartnership Balance Sheet as at $30$ June $2022$ still required. Also drawings amount for partner B is $10,000$ not $1,000$ it is total of $20000$ in drawings.