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Sam and Sally are partners in Sam & Sally Enterprises. The following information is from the trial balance of the business at 3 0 June
Sam and Sally are partners in Sam & Sally Enterprises. The following information is from the trial balance of the business at June tabletableSam and Sally EnterprisesTrial Balance Extract as at June AccountDebit $Credit $Advance to Sally due November Loan from Sam due March Capital Sally,,Capital Sam,,Current Sally,,Current Sam,Drawings Sally,Drawings Sam,,Profit and Laso prior to parther entries The following matters have yet to be accounted for: The partners are entitled to salaries of $ each, this is a business expense not part of partnership distribution. Interest to be charged on drawings at the rate of per annum Interest to be charged on advance to Sally at the rate of per annum Interest to be credited to Sam for the loan at the rate of per annum Interest to be allowed on fixed capitals at the rate of per annum Sam and Sally share profits and losses in the ratio of : Required: a Profit and Loss and Profit and Loss Appropriation accounts below at the end of the year June b Current accounts for the parterers. c Extracts of the Balance Sheet as at June to show the above items L ITomingraron
Sam and Sally are partners in Sam & Sally Enterprises. The following information is from the trial balance of the business at June
tabletableSam and Sally EnterprisesTrial Balance Extract as at June AccountDebit $Credit $Advance to Sally due November Loan from Sam due March Capital Sally,,Capital Sam,,Current Sally,,Current Sam,Drawings Sally,Drawings Sam,,Profit and Laso prior to parther entries
The following matters have yet to be accounted for:
The partners are entitled to salaries of $ each, this is a business expense not part of partnership distribution.
Interest to be charged on drawings at the rate of per annum
Interest to be charged on advance to Sally at the rate of per annum
Interest to be credited to Sam for the loan at the rate of per annum
Interest to be allowed on fixed capitals at the rate of per annum
Sam and Sally share profits and losses in the ratio of :
Required:
a Profit and Loss and Profit and Loss Appropriation accounts below at the end of the year June
b Current accounts for the parterers.
c Extracts of the Balance Sheet as at June to show the above items
L
ITomingraron
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