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Discuss examples of control accounts. ( 4 marks ) Discuss 2 main uses of a control account. ( 4 marks ) QUESTION THREE ( Total

Discuss examples of control accounts. (4 marks)
Discuss 2 main uses of a control account. (4 marks)
QUESTION THREE
(Total 10 marks)
Alice, Amos and David are in partnership running a garage business. Included in their partnership deed are the following terms:
Profits and losses are to be shared among Alice, Amos and David in the ratio 4:3:2 respectively. Interest on capital is allowed at the rate of 5% per annum. Amos, acting as the administrative manager is entitled to an annual salary of $8,000.
On 1st January, 2018, their capital and current account balances were as follows:
\table[[,Capital Accounts (S),Current Accounts (S)],[Alice,72,000,2,400(debit)],[Amos,40,000,3,200(credit)],[David,24,000,1,500(credit)]]
By mutual agreement, David on 1st July 2018 increased his capital by paying a further $6,000 into the partnership account. Alice reduced her capital by $8,000 but kept this in the partnership as long-term loan attracting interest at 10%% per annum. Interest on the loan is to be credited to the current account.
The partners' drawings and interest charged on drawings during the year ended 31st December 2018 were as follows:
\table[[,Drawings ($),Interest on drawings )],[Alice,17,000,900],[Amos,11,000,600],[David,6,000,300]]
The trading profit before interest of the garage business for the year ended 31 st December 2018 was $49,350.
Required:
a) Prepare a profit and loss appropriation account, (4 marks)
b) Partners' capital accounts, (2 marks)
c) Partners' current accounts, and, (2 marks)
d) Statement of financial position of the partnership firm as at 31st December 2008.(2 marks)
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