Question
Question 1 ( 1 0 marks) A. Devine and Vicky are partners dealing in cosmetics and other assorted goods. They share profit and losses in
Question 1 (10 marks)
DR CR
Rent Expenses 400,000
Bank overdraft 100,000
Discount50,000 100,000
Turnover 2,100,000
Cost of Sales 700,000
Receivable 400,000
Patent 400,000
Stocks (31/12/2019) 150,000
Loan from Devine at 15% per annum 200,000
Land 900,000
Motor vehicle 600,000
Equipment 400,000
Provision for depreciation:
Motor vehicles 140,000
Equipment 240,000
Payable 300,000
Drawings:
Devine 70,000
Vicky 60,000
Capital Account:
Devine 500,000
Vicky 300,000
Current Account:
Devine 120,000
Vicky 30,000
Total 4,630,000 4,630,000
The following information is relevant:
You are required to prepare:
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