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Question 16.2 Ken, Connor and Edward have been in partnership for a number of years, sharing profits equally. Interest on capital is paid at 10% and Ken gets a salary of 5,000 per annum. Triat BALANCE as at 31 December 2019 Debit Credit Capital accounts Ken 110,000 Connor 80,000 Edward 110,000 Current accounts Ken 3,650 Connor 1,360 Edward 3,360 Drawing Ken 8,460 Connor 6,850 Edward 4,690 Profit 80.960 continued overleaf garet. An Introduction to Financial Accounting, Chartered Accountants Ireland, 2015. ProQuest Ebook Central bookcentral.proquest.com/lluccle ebooks/detail action docID=5973837 nucle ebooks on 2020-07-28 01:05:35 16. PARTNERSHIPS: CHANGES IN PROFIT-SHARING RATIOS 357 Premises at cost 280,000 Accumulated depreciation - premises 20,000 Plant and equipment at cost 35,000 Accumulated depreciation - plant and equipment 9,660 Bank 26,460 Trade receivables 28,800 Inventory 62,000 Trade payables 35,990 453,620 453,620 NOTES 1. Edward is to retire on 31 December 2019. 2. The following has been agreed: (a) Ken and Connor will continue in partnership sharing profits 2:1. (b) Goodwill, which is valued at 60,000, is not to be shown in the accounts. (c) The valuations relating to the assets of the partnership are as follows: (1) Premises 250,000; () Plant and equipment 27,000. (d) Edward is to be paid any balance due to him on 1 January 2020, except 150,000, which he will leave in the partnership as a loan to be repaid over five years. Requirement: (a) Prepare the appropriation account for the year ended 31 December 2019. 7 Minutes (b) Prepare T accounts to 31 December 2019 for: (i) Partners' current accounts: (ii) Revaluation account; (iii) Partners' capital accounts: (iv) Bank account. 15 Minutes