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Q1. Given that A. Sakala and P. Musonda worked as a partnership business in the supply farming inputs in Kalulushi District. The business had
Q1. Given that A. Sakala and P. Musonda worked as a partnership business in the supply farming inputs in Kalulushi District. The business had a partnership agreement which provided for; Salary allowances of K9,400 for Sakala and K7,500 for Musonda Interest allowances of 10% on capital balances at the beginning of the The remaining income to be shared equally year The beginning Capital balances were as follows: Sakala K28,000 and Musonda K24,000. Given that the net income for 2018-2019 farming season was K29,500, you are required to prepare the Income Appropriation Account for Sakala and Musonda. (10 Marks)
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