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QUESTION ONE Cr (Kshs) 3,300 11,150 677 123,650 115 Atim and Adongo are in partnership sharing profits and losses equally. The following trial balance was
QUESTION ONE Cr (Kshs") 3,300 11,150 677 123,650 115 Atim and Adongo are in partnership sharing profits and losses equally. The following trial balance was as at 30th June 2011. Particulars Dr (Kshs ) Buildings (75,000) 50,000 Fixtures at cost 11,000 Accumulated Depreciation - Fixtures Debtors / Creditors 16,243 Cash Stock 30th June 2010 41,979 Sales Purchases 85,416 Carriage outwards 1,288 Discount allowed Interest on loan 4,000 Office expenses 2,416 Salaries & wages 18,917 Bad debts 503 Provision for bad debts Long-term loan Capital accounts Atim Adongo Current accounts Atim Adongo Drawings Atim Adongo Additional information 400 40,000 35,000 29,500 1,306 298 6,400 5,65 Stock on 30th June 2011 was Kshs 56,340 Accrued expenses; Office expenses Kshs 96 Wages Kshs 200 Depreciate fixtures at 10% per annum on reducing balance. Depreciation on buildings was Kshs 1,000, Provision for bad debts is to be decreased to Kshs 320 Interest on drawings was Kshs 180 and Kshs 120 Interest on capital balance is to be provided for at 10% Partnership salary of Kshs 800for Atim is not yet paid. Required a) Statement of Profit or Loss for Atim & Adongo partnership for year ended 30th June 2011 b) Partner's Capital Accounts
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