Stock 01/01/2012 is 62,740

Question Seven Good and Better are in partnership sharing profits and losses in the ratio 3/5 2/5, respectively. The following is their trial balance as at 31 December, 2012. Dr Cr GH GHC Buildings (cost GH210,000) 160,000 Fixtures at cost 8,200 Provision for depreciation: Fixtures 4,200 Debtors 61,400 Creditors Cash at bank 6,130 26,590 Stock at 30 September 20X4 62,740 363,111 210,000 3,410 620 3,900 4,760 57,809 1,632 1,400 65,000 Sales Purchases Carriage outwards Discounts allowed Loan interest: GTUC Office expenses Salaries and wages Bad debts Provision for doubtful debts Loan from GTUC Capitals: Good Better Current accounts: Good Better Drawings: Good Better 100,000 75,000 4,100 1,200 31,800 28,200 640.601 640.601 Required: Prepare the income statement and appropriation account for the year ended 31 December, 2012, and a statement of financial position as at that date. a. Stock, 30 December 2012, GH74,210. b. Expenses to be accrued: Office Expenses GH215; Wages GH720. c. Depreciate fixtures 15% on reducing balance basis, buildings GH$5,000. d. Reduce provision for doubtful debts to GH1,250. e. Partnership salary: GH30,000 to Good. Not yet entered. f. Interest on drawings: Good GH900; Better GH600. g. Interest on capital account balances at 5 per cent