Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q1. Given that A. Sakala and P. Musonda worked as a partnership business in the supply farming inputs in Kalulushi District. The business had

image text in transcribed

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)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management and Cost Accounting

Authors: Colin Drury

8th edition

978-1408041802, 1408041804, 978-1408048566, 1408048566, 978-1408093887

More Books

Students also viewed these Accounting questions