QUESTION ONE Njagi and Otiento are partners running a glass making plant and sharing profits and...

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QUESTION ONE Njagi and Otiento are partners running a glass making plant and sharing profits and losses in the ratio 3:2 respectively. They have provided the following profit and loss account, notes and explanations for the year ended 31 December 2022: Income: Sales Sale of old plant (Sh.30,750) and Lorry (Sh.150,000) Dividend from investment in Uganda Post office savings bank interest 4,882,000 180,750 21,250 5,750 Dividend from KCB Ltd (net) 42,500 5,132,250 Expenses: Purchases 1,491,500 Wages 408,750 National Hospital Insurance Fund (NHIF) 35,500 Rent 620,500 Lorry maintenance expenses 1,165,750 Salaries to partners 1,200,000 Otieno's household expenses 86,250 Repairs and maintenance (plant) 233,750 Advertising 75,000 Insurance premiums 156,750 Interest on loan 125,000 Subscription glass Makers Association 25,000 QUESTION ONE Njagi and Otiento are partners running a glass making plant and sharing profits and losses in the ratio 3:2 respectively. They have provided the following profit and loss account, notes and explanations for the year ended 31 December 2022: Income: Sales Sale of old plant (Sh.30,750) and Lorry (Sh.150,000) Dividend from investment in Uganda Post office savings bank interest 4,882,000 180,750 21,250 5,750 Dividend from KCB Ltd (net) 42,500 5,132,250 Expenses: Purchases 1,491,500 Wages 408,750 National Hospital Insurance Fund (NHIF) 35,500 Rent 620,500 Lorry maintenance expenses 1,165,750 Salaries to partners 1,200,000 Otieno's household expenses 86,250 Repairs and maintenance (plant) 233,750 Advertising 75,000 Insurance premiums 156,750 Interest on loan 125,000 Subscription glass Makers Association 25,000