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1. Travis and Barker have been in partnership over the last year. Their partnership agreement includes the following: Interest on capital Interest on Drawings 10% 5% a) Other than rate at which profit or loss is to be shared, name two other features that may be included in a partnership agreement b) Since the partnership agreement of Travis and Barker is silent, what rate should be used to share the firm's net profit or net loss? c) Travis and Barker who contributes capital of $160,000 in the ratio 9:7 recorded the following balances on 31 December 2020 Net profit Long term liabilities 6% Drawings: Travis Barker $ 80,000 38000(interest not paid as yet) 2500 2000 Prepare the Profit Appropriation Account for Travis and Barker for the year ended 31 December 2020 d) Other account balances recorded for Travis and Barker are as follows: $ Non-Current Asset 264,000 Current Asset 16,000 Current Liabilities 46,020 2. From the following Trial balance of John Brown, grocery store owner, prepare an Income Statement for the year ended Dec 31st 2017 and the Statement of Financial Position as at Dec 31st 2017. Taking in consideration the adjustments shown below. John Brown Trial Balance As at 31st December,2017 $ $ 40,000 35,000 500 620 10,000 80 Sales Purchases Sales Return Purchases Return Opening Inventory Provision for Doubtful Debts Wages Rates Telephone Shop Fittings att cost Van at cost Provision for Depreciations: Fittings Provision for Depreciations:Van Accounts Receivable and Payables Bad Debt Capital Bank Balances Drawings 3000 600 100 6000 4000 2000 1000 700 980 20 17900 300 1800 62300 62300 = Adjustments: I. Closing inventory at 31 December 2017, $12,000. II. Accrued Wages $500 III. Rates Prepaid $50 IV. The provision for doubtful debts to be increased to 10% of accounts receivable V. Telephone account outstanding $22 VI. Depreciate shop fittings at 10% per annum, and van at 20% per annum using reducing balance method 3. Edwards is a sole trader who owns and operates Sundale Enterprises. The following transactions occurred in March 2021 1* March Marcella, a credit customer owes Sundale enterprise $4800 12" March Sundale Enterprise receives a cheque of $1300 from Marcella for part payment on her account 314 March Edwards learns that Marcella has ceased trading and the remainder of receivables from Marcella is not collectible. Edwards Authorized a write-off of the balanced owed Prepare Journal Entries to record the transactions in Sundale Enterprise's books. Narratives are required