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The partners' Current accounts DETAILS Balances b/F Interest on capital Salaries Share of Profits Drawings Interest on drawings Balances c/d BEMBA A/C TONGA A/C LOZI
The partners' Current accounts DETAILS Balances b/F Interest on capital Salaries Share of Profits Drawings Interest on drawings Balances c/d BEMBA A/C TONGA A/C LOZI A/C DR CR DR CR DR CR 18,000 8,000 6,000 3,600 2,700 2,100 22,000 28,000 70,983 25,812 32,265 27,000 23,000 17,000 1,200 960 500 V) vi) viD 92.583 92,583 58,512 59.512 68.365 68.365 64,383 34,552 50,865 BALANCE SHEET EXTRACT AS AT 31/12/19 Details K K K FINANCED BY: Capital A/C Bemba Tonga Lozi 65,000 45,000 35,000 vili) Current A/C Bemba Tonga Lozi 64,383 34,552 ix REQUIRED a). Fill in the spaces indicated by roman numerals from i) to xi) (11) b). What were the profit and Loss sharing ratios for the Partners (1) (1) c). What was the rate of interest on capital for all partners d). What were the total worth of each of the Partners according to the Current Accounts? ). What was the total value of the Partnership's Capital Employed. (1) The partners' Current accounts DETAILS Balances b/F Interest on capital Salaries Share of Profits Drawings Interest on drawings Balances c/d BEMBA A/C TONGA A/C LOZI A/C DR CR DR CR DR CR 18,000 8,000 6,000 3,600 2,700 2,100 22,000 28,000 70,983 25,812 32,265 27,000 23,000 17,000 1,200 960 500 V) vi) viD 92.583 92,583 58,512 59.512 68.365 68.365 64,383 34,552 50,865 BALANCE SHEET EXTRACT AS AT 31/12/19 Details K K K FINANCED BY: Capital A/C Bemba Tonga Lozi 65,000 45,000 35,000 vili) Current A/C Bemba Tonga Lozi 64,383 34,552 ix REQUIRED a). Fill in the spaces indicated by roman numerals from i) to xi) (11) b). What were the profit and Loss sharing ratios for the Partners (1) (1) c). What was the rate of interest on capital for all partners d). What were the total worth of each of the Partners according to the Current Accounts? ). What was the total value of the Partnership's Capital Employed. (1)
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