Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Ralph and Doren are partners in The Mariposa. The firm has provided the following information as at December 3 1 , 2 0 2 0
Ralph and Doren are partners in The Mariposa. The firm has provided the following information as at December DETAILS Dr Cr Motor Vehicle at cost Prov for depreciation on motor vehicle Utilities Discounts received Commission received discount allowed Sales Wages and Salaries Carriage Outwards Office expenses Provision for bad debts Building Repairs Loan interest paid Rent received Carriage inwards Purchases Opening Stock Bank Creditors Debtors Fixtures at cost Pro for depreciation on fixtures Building at cost Loan Capital Ralph Doren Current Account Ralph Doren Drawings Ralph Doren Return Outwards End notes a Closing Stock is valued at $ b Wages and salaries is prepaid by $ c Commission is owing by $ d The rent received is prepaid by $ e The provision of bad debts is to be adjusted to of debtors f Provide for depreciation as follows : Motor vehicle on the Straight Line; and Fixtures and Fittings on the Reducing Balance method g The partnership agreement allowed for the following i Interest is to be charged on drawings at pa ii Interest is to be paid on capital at pa iii. Doren is to be paid a salary of $ pa iv Profit or loss is to be shared in the same ratio as the capital Required : Prepare the following a The Statement of Profit and Loss and Appropriation Account marks b The Current Account marks
Ralph and Doren are partners in The Mariposa. The firm has provided the following information as at December
DETAILS Dr Cr
Motor Vehicle at cost
Prov for depreciation on motor vehicle
Utilities
Discounts received
Commission received
discount allowed
Sales
Wages and Salaries
Carriage Outwards
Office expenses
Provision for bad debts
Building Repairs
Loan interest paid
Rent received
Carriage inwards
Purchases
Opening Stock
Bank
Creditors
Debtors
Fixtures at cost
Pro for depreciation on fixtures
Building at cost
Loan
Capital
Ralph
Doren
Current Account
Ralph
Doren
Drawings
Ralph
Doren
Return Outwards
End notes
a Closing Stock is valued at $
b Wages and salaries is prepaid by $
c Commission is owing by $
d The rent received is prepaid by $
e The provision of bad debts is to be adjusted to of debtors
f Provide for depreciation as follows : Motor vehicle on the Straight Line; and Fixtures and Fittings on the Reducing Balance method
g The partnership agreement allowed for the following
i Interest is to be charged on drawings at pa
ii Interest is to be paid on capital at pa
iii. Doren is to be paid a salary of $ pa
iv Profit or loss is to be shared in the same ratio as the capital
Required : Prepare the following
a The Statement of Profit and Loss and Appropriation Account marks
b The Current Account marks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started