Question
Particulars Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted
Particulars Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Cash at Bank Particulars 22,540 Capital Accounts S 81,200 Purchase of Raw Material 1,050,000 K 47,600 Discount (Dr) 47,600 P 44,800 Rent and Insurance 32,340 Commission Received. 16,800 Factory Expenses 133,000 Sundry Creditors 88,200 Office Expenses 8,400 Sales 1,820,000 Sundry Debtors 44,800 Furniture 22,400 Telephone 2,100 Opening stock of Raw Material 82,600 Carriage inwards 336,000 Salaries (Including sales manager salary) 50,400 Repairs to Buildings 2,800 Bad debts 11,200 Carriage Outwards 12,600 Vehicle 18,200 Drawings S 33,600 K 30,800 P 29,400 Vehicle running expenses 15,400 Travelling expenses 19,600 Advertising Expenses 25,620 Plant and Machinery 67,200 2,098,600 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. 2,098,600 16,800 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at Outstanding Office expenses Outstanding Telephone expenses Depreciation on Vehicle Depreciation on Plant and Machinery Depreciation on Furniture Baddebts Interest on capital You are required to prepare Final Accounts of the Partnership Firm. 16,800 28,000 22,400 19,600 117,880 2,520 700 20% 12.50% 10.00% 2.50% 5.00%
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