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 fulltime partner acting as the CEO. Hence, the partners agree that he must receive GHe1,000 monthly as his salary. Interest is to be credited on capital at 10% and charged on drawings at 15% per annum. The following is the trial balance of Ancient of days Partnership for 2007 . Additional information: a. Stock at 31 December, 2007 was GHS1,500 b. Prepaid electricity included in the administrative expenses were GHS 900 c. Accrued marketing expenses amounted to GHS750 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 312 December, 2007 and ii. The statement of financial position as at that date