rame and French are in partnership sharing profits and losses in the ratio 3/5: 2/5. respectivel...

Frame and French are in partnership sharing profits and losses in the ratio 3/5: 2/5. respectively. The following is their trial balance as at 30 September 2005. on Dr S 160.000 8.200 4,200 61,400 26,590 6,130 62,740 363.111 Buildings (cost $210,000) Fixtures at cost Provision for depreciation: Fixtures Debtors Creditors Cash at bank Stock at 30 September 2004 Sales Purchases Carriage outwards Discounts allowed Loan interest: P Prince Office expenses Salaries and wages Bad debts Provision for doubtful debts Loan from P Prince Capitals: Frame French Current accounts: Frame French Drawings: Frame French 210,000 3,410 620 3.900 4.760 57,809 1.632 1,400 65,000 100,000 75,000 4,100 1.200 31.800 28,200 640.601 640,601 i. ii. iii. iv. Stock, 30 June 2009, S 74.210. Expenses to be accrued: Office Expenses $215; Wages $720. Depreciate fixtures per cent on reducing balance basis, buildings $5,000. Reduce provision for doubtful debts to $1,250. Partnership salary: $30,000 to Frame. Not yet entered. Interest on drawings: Frame $900; French S600. Interest on capital account balances at 5 per cent V. VI. vii. Required: Prepare a trading and profit and loss appropriation account for the year ended 30 June 2009, and a balance sheet as at that date. (Total 30 marks)