FINANCIAL ACCOUNTING 2 ASSIGNMENT The following trial balances has been extracted from the books of Brick and Stone, trading partnership as at 30 September 2016. The sharing of the balance of profits and losses is in the proportions 3:2 respectively. Debit (Kshs) Credit (Kshs) Printing and stationery and postage 3,500 Sales 322,100 Stock (1 October 2015) 23,000 Purchases 208,200 Rent and rates 10,300 Heat and light 8,700 Staff salaries 36,100 Telephone charges 2,900 Motor vehicle running expenses 5,620 Discounts allowed 950 Discounts received 370 Sales returns 2,100 Purchases returns 6,100 Carriage inwards 1,700 Carriage outwards 2,400 Fixtures and fittings at cost 26,000 Provision for depreciation 11,200 Motor vehicles at cost 46,000 Provision for depreciation 25,000 Provision for doubtful debts 300 Drawings: Brick 24,000 Stone 11,000 Current accounts: Brick 3,600 Stone 2,400 Capital accounts: Brick 33,000 Page 1 of 2 Stone 17,000 Debtors 9,300 Creditors 8,400 Balance at bank 7,700 429.470 429,470 Additional information 1. Kshs. 10,000 is to be transferred from Brick's capital account to a newly opened Brick Loan Account on 1 July 2016. 2. Interest at 10 per cent per annum on the loan is to be credited to Brick. 3. Stone is to be credited with a salary at the rate of Kshs. 12,000 per annum from 1 April 2016. 4. Stock in hand at 30 September 2016 has been valued at cost at shs.32,000. 5. Telephone charges accrued due at 30 September 2016 amounted to shs. 400 and rent of shs.600 prepaid at that date. 6. During the year ended 30 September 2016 Stone has taken goods costing shs. 1,000 for his own use 7. Depreciation is to be provided at the following annual rates on the straight line basis: Fixtures and fittings 10% Motor vehicles 20% Required: a) Partners' Current Account b) Partners' Capital Account c) Partnership Statement of Financial Position