Question 3: Partnership Accounts Betty, Archle, Veronica and Reggle are partners in a comic book store, sharing their profits and losses in the ratio of the capital contributed. They have provided the following information for the year to June 30, 2021: 8,300 5,200 12,100 604.300 86,000 307,800 49.000 28,600 10,200 346.000 130,000 90,000 70,000 110,000 8.200 Carriage outwards Discount allowed Mortgage interest Sales Provision for depreciation on premises Purchases Stock at July 1, 2020 Provision for depreciation on equipment Bad debts 5% Mortgage Capital Betty Archie Veronica Reggle Current account Betty Archie Veronica Reggie Drawings Betty Archie Veronica Reggie Returns Motor vehicle Carriage inwards Cleaning services Equipment Premises Discount received Bank Rent received Creditors Wages and salaries 6,400 11.100 3.700 13.100 42.200 19,100 30,600 18,700 10.300 226,000 8.700 35.900 127.000 556.000 16.800 33.900 41.800 22.500 41.600 p%20assignment%20outline.pdf DO Ee SO Debors Crved 400 TODO TO Additional Indormation 1. Satheend of the 10 S5200 2. The partnership at allows for where is charged down on Asche Veronica cele 87051010 per monthly Waand wanted.com by $12.000 and $7.00 vely, while y especial by 6.300 od 200 ml De theoretice league.com hely, while the sole pe og fordelene bo REQUIRED Lungheration wide, Archer, Verwand News per profil for the period There and the patient wherwaarly M hp Question 3: Partnership Accounts Betty, Archie, Veronica and Reggie are partners in a comic book store, sharing their profits and losses in the ratio of the capital contributed. They have provided the following information for the year to June 30, 2021: $ 8,300 5,200 12,100 604,300 86,000 307,800 49,000 28,600 Carriage outwards Discount allowed Mortgage interest Sales Provision for depreciation on premises Purchases Stock at July 1, 2020 Provision for depreciation on equipment Bad debts 5% Mortgage Capital Betty Archie Veronica Reggie Current account Betty 10,200 346,000 130,000 90,000 70,000 110,000 8.200 6,400 11,100 3,700 13,100 Archie Veronica Reggie Drawings Betty Archie Veronica Reggie Returns Motor vehicle Carriage inwards Cleaning services Equipment Premises Discount received Bank Rent received Creditors Wages and salaries 42,200 19,100 30,600 18,700 10,300 226,000 8,700 35,900 127,000 556,000 16,800 33,900 44,800 22,500 41,600 6 12,300 Stationery expenses Provision for bad debts Debtors Commission received 4,800 56,000 1,622,800 38,400 1,622,800 Additional information: 1. Stock at the end of the year amounted to $53,200. 2. The partnership agreement allows for interest on capital at 4%, while interest is charged on drawings at a rate of 8%. 3. Archie and Veronica receive salaries of $870 and $1,010 per month respectively. 4. Wages and salaries and commission are owing by $12,100 and $7,400 respectively, while stationery expenses and cleaning services are prepaid by $6,100 and $8,200 respectively. 5. Depreciation on the motor vehicle and equipment is to be charged at 15% and 9% on cost respectively, while the premises is to be depreciated at 6% reducing balance. 6. Provision for bad debt is to be revised to 12% of debtors. 2. The partnership agreement allows for interest on capital at 4%, while interest is charged on drawings at a rate of 8%. 3. Archie and Veronica receive salaries of $870 and $1,010 per month respectively. 4. Wages and salaries and commission are owing by $12,100 and $7,400 respectively, while stationery expenses and cleaning services are prepaid by $6,100 and $8,200 respectively. 5. Depreciation on the motor vehicle and equipment is to be charged at 15% and 9% on cost respectively, while the premises is to be depreciated at 6% reducing balance. 6. Provision for bad debt is to be revised to 12% of debtors. REQUIRED: Using the information provided, prepare Betty, Archie, Veronica and Reggie's statement of profit or loss, appropriation account, current account, and statement of financial position for the period. The statement of profit or loss and the appropriation account should be shown separately
