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S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December
S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3. The following Balances was extracted on December 31, 2021. Particulars Particulars Cash at Bank 22,540 Capital Accounts S 81,200 Purchase of Raw Material 1,050,000 K 47,600 Discount (Dr) 47,600 P 44,800 Rent and Insurance 32,340 Commission Received 16,800 Factory Expenses 133,000 Sundry Creditors 88,200 Office Expenses 8,400 Sales 1,820,000 Sundry Debtors 44,800 Furniture 22,400 Telephone 2,100 Opening stock of Raw Material 82,600 Carriage inwards 336,000 Salaries (Including sales manager salary) 50,400 Repairs to Buildings 2,800 Bad debts 11,200 Carriage Outwards 12,600 Vehicle 18,200 Drawings S 33,600 K 30,800 P 29,400 Vehicle running expenses 15,400 Travelling expenses 19,600 Advertising Expenses 25,620 Plant and Machinery 67,200 2,098,600 Note: They employed a sales manager who is paid a salary and plus one percent commission on total sales. Additional Information Partner S's salary Partner K's salary Partner P's salary Closing stock was valued at Outstanding Office expenses 2,098,600 16,800 28,000 22,400 19,600 117,880 2,520 Outstanding Telephone expenses 700 Depreciation on Vehicle 20% Depreciation on Plant and Machinery 12.50% Depreciation on Furniture 10.00% Baddebts 2.50% Interest on capital 5.00% You are required to prepare Final Accounts of the Partnership Firm.
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