Current Account and Statement of Financial Position Swan Monase trafont partie dealing in cosmetics and other assorted good. They share profit and desses in the ratio 3:2. The trial balance below was extracted from the banks of the partners as at 31 December, 2012 DR CR G 400.000 Gewalt 100,000 Bank overran 2,500,000 1.200,000 Cast of Sales 300,000 400,000 Debtors and Creditors Sundry expenses 450,000 Stocks (31/12/12) 150,000 Loan from Sun at 15% per annum 200,000 900.000 Motor vehicle 600,000 Fixture and fittings 400,000 Provision for depreciation: Motor vehicles 140,000 Fixture and fittings Net profit (31/12/11) 240,000 200,000 Sun 70,000 Freehold property Sun Drawings: Moon 60,000 Capital Account: 500,000 Moon 300,000 Current Account: Sun 120,000 Moon 30.000 4.630.000 4.630,000 The following information is relevant: i Interest on loan from Sun had neither been paid nor provided for. 17|APEL thew Stament. Pendless Appropriate Account Partners methods Motor Vehicles and Fixtures and fittings are to be depreciated at the rate of 10% and 20% percent per annum respectively on the reducing balance di Sundry expenses outstanding at 31/12/12 amounted to GH50,000 ivCapital attracts interest of 10% per annum. Moon is to be paid a monthly salary of GH23.000 No interest is allowed or charged on Current accounts or on drawings. You are required to prepare: a. Income Statement b. Profit and Loss Appropriation account c. Partners Current account d. Statement of Financial Position as at 31/12/2012 Question Seven Good and Better are in partnership sharing profits and losses in the ratio 3/5: 2/5, respectively. The following is their trial balance as at 31 December, 2012. Dr Cr GH 160,000 8,200 4,20 GH Buildings (cost GH4210,000) Fixtures at cost Provision for depreciation: Fixtures Debtors Creditors Cash at bank 6,130 61,400