could someone help me get the solution of my tutorial assignment? thanks so much

1 Tutorial Questions for Week 2 Wednesday 9 March 2016 Tutorial Q 1 Abby, Bobby and Cindy have been operating a partnership for several years. According to the terms of the partnership deed profits and losses are to be shared between Abby, Bobby and Cindy in the ratio of 4:4:2. Bobby is to be allowed a salary of $24,000 per annum. Interest of 10% is allowed on the capital account balances outstanding as at the beginning of the financial year. No interest is allowed on current accounts. Interest at 10% is charged on drawings for the year irrespective of when the drawings were made. Interest of 10% is allowed on any loan made by the partners. The following balances have been extracted from the books of the partnership as at 1st April 2013: $ Capital Accounts as at 1/4/2013: Abby Bobby Cindy Current accounts as at 1/4/2013: Abby Bobby Cindy Fixed Assets Loan from Bobby Accounts Receivable Stock 1/4/2013 Accounts Payable Accumulated Depreciation on Fixed Assets Bank Provision for doubtful debts 40,000 Credit Balance 40,000 Credit Balance 20,000 Credit Balance 4,000 Credit Balance 18,000 Credit Balance 6,000 Debit Balance 160,000 80,000 50,000 10,000 74,000 26,000 84,000 8,000 A summary of business transactions for the year ended 31st March 2014 is as follows: $ Cash Drawings: Abby Bobby Cindy Cash Expenses: Utilities Salaries Rental Maintenance Other expenses Cash sales Credit sales Cash purchases Credit purchases Sales returns (from credit sales) Purchases returns (from credit purchases) 10,000 6,000 2,000 24,000 40,000 72,000 18,000 14,000 420,000 600,000 180,000 240,,000 4,000 6,000 1 2 Transportation cost related to purchases Transportation costs for delivery of good to customers Purchases discounts (for credit purchases) Sales discounts (for credit sales) Payments received from debtors Payments made to creditors 8,000 4,000 8,000 2,000 580,000 260,000 The following additional information relates to the financial year end 31st March 2014: Depreciation on fixed assets for the year ended 30/3/2014 is to be provided on a diminishing balance basis at the rate of 10% per annum. Stock as at 31/3/2014: Cost $30,000 and Net Releasable Value $28,000 Rental expense is for 12 months commencing 1/12/2013. Provision for doubtful debts is to be made at 4% of debtors outstanding as at financial year end. Bad debts to be written off is $4,000 Utilities expenses for the month of March 2014 amounting to $4,000 were only settled in April 2014. Required: (a) Prepare ledger accounts for Accounts Receivable, Accounts Payable and Bank Accounts (b) Prepare an unadjusted trial balance as at 31st march 2014 (c) Prepare balance day journal adjustments in general journal form for the year ended 31st March 2014. (d) Prepare an adjusted trial balance as at 31st March 2014 Tutorial Q 2 For this question you are required to use the adjusted trial balance in Tutorial Q1 above: Required: Prepare an income statement for the year ended 31 st March 2014 for the partnership of Abby, Bobby and Cindy: Tutorial Q 3 For this question you are required to use the information in Tutorial Q1 and Q2 above: Required: Prepare a Profit and loss appropriation statement for the year ended 31 st March 2014 for the partnership of Abby, Bobby and Cindy: 2