Illustrative Question 1 (Final Account of a Partnership) Ancient of days Partnership is a trading entity established by two friends. Appiah and Ychoah 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 GHC1,000 monthly as his salary. Interest is to be credited on capital at 10% and churgod on drawings at 15% The following is the trial balance of Ancient of days Partnership for 2007. GH GHC Sales 55.000 Debtors 500 Creditors Freehold property 13.450 Furniture and fittings 6.500 Equipment 7.500 Accumulated depreciate Ace Dep on Furniture and fitings Ace Depon Equipment SOO Administratie expenses Selling & distribution 5.500 Drawings: Appah Yeboah Partners capital Appiah 300 Yeboah 2.500 Purchases 18.000 Stock/1/1/07) 2.500 Cash at hank Partners' current account Appiah 750 Yeboah 250 6.100 900 600 SOKO 62.500 6200 Additional information: a Stock at 31 December, 2007 was GHS 1.500 b. Prepaid clectricity included in the administrative expenses were GHS900 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 The statement of profit or loss account as well as the appropriation account for the year ended 31 December 2007 and The statement of financial position as at that date