Mr Albert calls you into his office and introduces Mr Pascoe of Pascoes Paints. He gives you a sheet of paper on which Mr Pascoe has written his cash receipts and payments for the quarter ended 30 June, 2020, and instructs you to prepare a Cash Flow statement for Mr Pascoe. You are told that the Bank Balance on 1 April 2020 was $3720.

Cash Receipts			Cash Payments
Details	$	Details		$
Receipts from Accounts Receivable	130350	Payments to Accounts Payable		94400
Cash Sales	150 000	Cash Purchases of Stock		45 000
Capital	10 000	Wages		57 000
LoanCBC	20 000	Drawings		50 000
		Prepaid Rent		36 000
		Customs Duty		14 100
		Vehicle Expenses		8 800
		Office Expenses		23 400
		Equipment		35 000

Required:

Prepare the cash flow statement of Pascoes Paints as requested by Mr Albert.

Mr Albert tells you that on the 1 July 2019 two clients Jim and Nelly decided to join forces and form a partnership (J&N Partners). Their contributions to the partnership were:

Jim Cash: $110000, Accounts Payable: $10000, Equipment: $50,000

Nelly Cash: $200000, Inventory: $80000, Accounts receivable: $15000

Their agreement has the following conditions:

• The partners receive 3% interest on their capital balances
• Salaries Jim - $30000 and Nelly - $40000
• The remaining profit is split equally.
• Any drawings attract a 10% interest rate for the financial year.

Mr Albert tells you that in the year to 30 June, 2020 the partnership made a profit of $175,000.00

Required:

Mr Albert asks you to prepare a Profit Distribution Schedule for the year ended 30 June 2020.