Hello.

I have to make an income statement with the information attached and as per my professor the profit for the year has to be 23,530.

From the income statement I have personally done, the profit for the year is coming up to 24,130.

I need help figuring out how the profit for the year can be 23,530. Maybe I'm putting the wrong figures on my income statement.

$104 . Ravi and Tyra aw'n & garden maintenance business. Their financial year ends on 30 April . The partnership agreement provides for - Loan interest at !'" per annum on loans from partners Interest on capital at 5" Per annum* Profits and losses to be shared equally* The trial balance of Ravi and lyra at 201 April 20` was as follows:` Capital account Ravi 1 May 201 - 2 Capital account lyra 1 May 201 - 2 Current account Ravi 1. May 20 - 2 Current account lyra 1 May 201 - 2 15.01 Drawings Ravi 12 20 0 Drawings lynn 1 1 8 20) Loan Ravi Loan interest Premises all cost Equipment at cost 21 MID Provision for depreciation of equipment* Pilotor " chicks at cost Provision for depreciation of motor Vehicles Income from customers 5 7 BID Repairs In Equipment 2721) Hilalor " chick expenses 3030 Insurance* 3. 4501 General EXPENSES 2 765 Printing and Elationcry 320) Bad debts 7201 Provision for doubtful debts* Trade receivables Bank 27 280 Cash Trade payables _2.3101 251 95.5 251 9:05"The following additional information is available . I M 30 April 21 } wages , STUDY, were accrued . At 30 April 20 - 3 insurance , {}GO, was prepaid 3 Equipment is being depreciated at 2I'm per annum using the straight line* method. 1 Motor Vehicles are being depreciated at {}' Per annum Lising, the reducing balance method . 5 The provision for doubtful debts is maintained At }'" of the trade receivables All the end of each financial Year. lal Prepare the income statement of Kavi and Iqra for the Year ended 30 April 20 - 3