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The following trial balance was extracted from the books of Osei and Yeboah as at 3 1 / 1 2 2 0 2 0
The following trial balance was extracted from the books of Osei and Yeboah as at
tableDebitCreditGHGH
Capital Accounts:
Osei
Yeboah
Cash Drawings:
Osei
Yeboah
Freehold land and buildings as at Jan
Motor vehicle at Jan
Purchases
Sales
Debtors
Creditors
Wages & Salaries
Mot. Vehicle running expense
Rates and insurance
General trade expenses
Cash at bank
Cash in hand
Provision for bad & doubtful debt
Stock of goods for resale at
Additional information
In addition to the above, the following information are given
a Stocks in trade at Dec.
b Provision is to be made for depreciation at the following rates
Motor vehicles per annum
Freehold land and buildings per annum
Reduce provision for bad and doubtful debts to GHC
c Interest is to be allowed at per annum on partners' capital
d Interest is to be charged on partners drawings at per annum
e Osei and Yeboah to share the residue of profits equally
Required to prepare:
a The Income Statement of the firm for the year ended st December,
b The Profit and Loss appropriation account for the vear ended st December.
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