Chapter 41 Partnership accounts: an introduction 41.12A Bush, Home and Wilson share profits and losses in the ratios 4:1:3 respectively. Their trial balance as at 30 April 2013 was as follows: Dr Cr 334,618 Sales Returns inwards Purchases 10,200 196,239 Carriage inwards 3,100 Inventory 30 April 2012 68,127 Discounts allowed 190 Salaries and wages 54,117 Bad debts 1,620 Allowance for doubtful debts 30 April 2012 950 General expenses 1,017 Business rates 2,900 Postage 845 Computers at cost 8,400 Office equipment at cost 5,700 Provisions for depreciation at 30 April 2012: Computers 3,600 Office equipment 2,900 Accounts payable 36,480 Accounts receivable Cash at bank Drawings: Bush Home 51,320 5,214 39,000 16,000 Wilson 28,000 Current accounts: Bush 5,940 Home Wilson Capital accounts: Bush Home Wilson 2,117 9,618 60,000 10,000 30,000 494,106 494,106 Draw up a set of financial statements for the year ending 30 April 2013. The following notes are relevant at 30 April 2013: (i) Inventory 30 April 2013, 74,223. (ii) Business rates in advance 200; Inventory of postage stamps 68. (iii) Increase Allowance for doubtful debts to 1,400. (iv) Salaries: Home 18,000; Wilson 14,000. Not yet recorded. (v) Interest on Drawings: Bush 300; Home 200; Wilson 240. (vi) Interest on Capitals at 8 per cent. (vi) Depreciate Computers 2,800; Office equipment 1,100.