Please see pic for reference, having trouble with the current part underneath the P&L and balance sheet. There are some answers on here but they're confusing format and don't explain and all of them are different.

Reference:

You are a Bookkeeper at GPC Bookkeeping Services. You have been assigned to complete the following clients' work following the GPS Bookkeeping Policies and procedures.

Part A: Client 1 Bennett and Barney decide to form a partnership on 01/07/2021. Bennett and Barney operate on an accrual basis with the financial year from 1 July to the 30 June the following year. Partnership proceeds are divided as Bennett (1/3) and Barney (2/3).

The Partnership provided an extract of their Trial balance and additional pertinent information of the partnership to be incorporated in the preparation of three financial accounts and statements at the close of the first financial year of operating 30 June 2022.

Ignore GST for this task.

With Strict adherence to GPC Bookkeeping Services' organisational policies and Procedures complete the following: 1. Prepare the partnership Income Statement as at 30 June 2022. 2. Prepare the Profit and Loss Appropriation Account. 3. Prepare the Partners' current accounts. 4. Prepare the Partnership Balance Sheet as at 30 June 2022.

A B c h Trial Balance of Bennett & Barney as at 30 June 2022 2 3 Debit Credit 4 $ $ 5 |sales 1,000,000 6 |Sales returns 10,000 7_|Selling expenses 150,000 8 |Administration expenses 205,000 9 _|Financial expenses 50,000 10 | Purchases 320,000 11 Cashatbank 77,000 12 | Accounts receivable 22,000 13 | Provision for Doubtful Debts 2,500 14 Inventories 42,000 15 | Motor Vehicles 80,000 16 Furniture 42,000 17 | Plant and Equipment 276,500 18 Accumulated Depreciation Plant 1,500 19 | Accounts payable 56,000 20 Bank Loan 12,000 21 |Capital - Bennett 75,000 22 |Capital - Barney 112,500 23 Current - Bennett 25,000 24 | Current - Barney 35,000 25 | Drawings - Bennett 20,000 26 Drawings - Barney 25,000 27 [Totals 1,319,500 1,319,500 28 29 Additional Information: 30 1. Closing inventories counted as $38,000 31| 2. Interest on capital at 10% per annum 32 3. Interest on drawings at 12% per annum 33 4. Partners salaries ewing $22000 each 34 5. Drawings for Bennett 01/9/21 510,000 and 1/3/22 $10,000 35 |6. Drawings for Barney 01/9/21 $10,000, 01/03/22 $8,000 and 01/06/2257,000 36 37 38 E F G 1 1 K L M N Income Statement for "i:::';;:'\""e"'""\"' ended 30 Profit & Loss Appropriation for Bennett & Barney for the year ended 30 June 2022 Net Sales: Interest on Capital Net Profit from Profit & Loss 262,000 Sales 1,000,000 Bennet 7,500 Sales returns 10,000 Barney 11,2500 18,750 990,000 salaries 44,000 (Interest on Drawings Cost of goods sold: Share of Profit Bennet Beginning inventory 42,000 Bennet 63,217 Barney Purchases 320,000 Barney 136,433 204,650 Goods available for sale 362,000 Ending inventory 39,000 267,400 267,400 323,000 Gross Profit 667,000 Current - Bennett Operating expenses: Drawings 20,000 |Opening balance 25,000 selling expenses 150,000 Interest en drawings 1,000 Interest on Capital 2,5000 | Administration expenses 205,000 400 1,400 Salary 22000 Financial expenses 50,000 Closing balance 99,687 |Met profit 71,597 405,000 121,007 121,007 INet Profit 262,000 Current - Barney Drawings 25,000 | Opening balance 35,000 Interest on drawings 1000 Interest on capital 3,500 160 Salary 22,000 70 P a R Balance Sheet of Bennett & Barney for year at 30 lune 2022 Current Assets Cash at bank | Accounts receivable Provision for doubtful debts - Inventories 22,000 2,500 19,500 Non-Current Assets Motor vehicles Furniture Plant and Equipment [ Accumulated Dep. - Plant - TOTAL ASSETS Current Liabilities Accounts payable Non-Current Liabilities Bank loan 80,000 42,000 276,500 1500 275,000 77,000 58,500 397,000 532,500 56,000 12,000 68,000 Net Assets Equity Capital - Bennet Capital - Barney Current - Bennet Current - Barney 151,517 464,500 532,500