Sian and Amin are in partnership sharing profits and losses 3:2 respectively. No drawings are allowed but EACH partner receives an annual salary of $45 000. The partnership does not keep a full set of accounts. For the year ending 31 December 2015, the following information is provided:

$

Property, plant and equipment 1 500 000

Inventory at cost 137 500

Accounts receivable (net) 75 000

Accounts payable 195 000

Bank overdraft 24 800

Fixed capital: Sian 800 000

Amin 600 000

Current accounts: Sian ?

Amin ?

Additional information:

All sales are on account and the accounts receivable represents one month of sales.

Inventory at 31 December 2015 increased by 10% over the inventory at 01 January 2015.

Gross profit and net profit is a constant 25% and 15% of sales respectively.

Partners closing current account balances are assumed to be in the ratio 3:2.

(a) (i) Prepare a partnership Statement of Comprehensive Income for the year ended 31 December 2015 including as much detail as possible. [8 marks]

(ii) Prepare a partnership Statement of Changes in Owners Equity for the year ended 31 December 2015. (5 marks)