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Please give me the answer of this question as early as possible 32.3 Dunn and Outram sell toys. Their individual investments in the business on
Please give me the answer of this question as early as possible
32.3 Dunn and Outram sell toys. Their individual investments in the business on 1 January 2018 were: Dunn 160,000; Outram 70,000. For the year to 31 December 2018, the net profit was 90,000 and the partners' drawings were Dunn 26,000; Outram 32,000. For 2018 (their first year), the partners agreed to share profits and losses equally, but they decided that from 1 January 2019: (1) The partners should be entitled to annual salaries of: Dunn 20,000; Outram 30,000. (in Interest should be allowed on capital at 5 per cent per annum. (iii) The profit remaining should be shared equally (as should losses). Drawings Net trading profit before dealing Dunn Outram with partners' items f 2019 110,000 2020 24,000 28,000 50,000 22,000 34,000 years. Prepare the profit and loss appropriation accounts and the partners' current accounts for the threeStep by Step Solution
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