Bush, Home and Wilson are in partnership sharing profits & Losses in the ratio of 4.1.3 respectively. Their trail balance as at April 30 2014 was as follows

DR

CR

Sales

334,618

Returns inwards

10,200

Purchases

196,239

Carriage inwards

3,100

Stock atMay 1 20X3

68,127

Discounts allowed

190

Salaries & wages

54,117

Bad debts

1,620

Provision for bad debts; April 30, 20X3

950

General expenses

1,017

Business rates

2,900

Electricity

845

Computers at cost

8,400

Equipment at cost

5,700

Provision for depreciation at April 30 20X3;

Computers

3,600

Equipment

2,900

Creditors

36,480

Debtors

51,320

Cash at bank

5,214

Capital Accounts;Bush

60,000

Home

10,000

Wilson

30,000

Current Accounts; Bush

5,940

Home

2,117

Wilson

9,618

Drawings;Bush

39,000

Home

16,000

Wilson

28,000

494,106

494,106

Required

Draw up a Profit and loss appropriation account for the year ended April 30 20X4, Capital, Drawings , Current Accounts and the balance sheet as at that date taking into account the following notes (10 Marks)

1.Stock at April 30, 20X4 was 74,223/=

2.The following were paid in advance; business rates 200/= and electricity 68/=

3.Increase provision for bad debts to 1400/=

4.Salaries paid to partners but not entered in the books; Homes 18000/=, Wilson 14000/=

5.Interest on drawings; Bush 300/=, Home 200/= and Wilson 240/=

6.Interestpaid on Capital accounts is 8%

7.Depreciation on computers 2800/=, Equipment 1100/=

Partners maintain fixed capital accounts