GHE Illustrative Question 1 (Final Account of a Partnership) Ancient of days Partnership is a trading entity established by two friends. Appiah and Yeboah They have agreed that profits and losses should be shared 3:2 respectively. Yeboah is a full-time partner acting as the CEO. Hence, the partners agree that he must receive GH1,000 monthly as his salary. Interest is to be credited on capital at 10% and charged on drawings at 15% The following is the trial balance of Ancient of days Partnership for 2007. GHE Sales 55.000 Debtors 500 Credits 450 Freehold property 13.450 Furniture and fittings 6.500 Equipment 7,500 Accumulated depreciation Ace Dep on Furniture and fittings 300 Ace Dep on Equipment 500 Administration expenses 6.300 Selling & distributie 5.500 Drawings Appiah 200 Yeboah Partners capital Apps 3.000 Yeboah 2.500 Purchases 18.000 Stock/1/1/07) 2.500 Cash at hank 500 Partners' current account Appiah 750 Yeboah 250 625 62.500 600 Additional information: a Stock at 31 December 2007 was GHS1,500 b. Prepaid electricity included in the administrative expenses were GHS900 c. Accrued marketing expenses amounted to GHS 750 d Furniture, Fittings and Equipments are depreciated at 10% at cost Required: Prepare for Ancient of days Partnership i. The statement of profit or loss account as well as the appropriation account for the year ended 31 December, 2007 and ii The statement of financial position as at that date