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The trial balance of A and B partnership as 31 December 2002 is as follows: Additional information: A and B share profits in the ratio
The trial balance of A and B partnership as 31 December 2002 is as follows: Additional information: A and B share profits in the ratio 2:1 respectively after charging interest on capital at 10%, partners drawings at the rate of 6% and patners salry at 100,000 Ind 80,000 per annum respectively. Closing stock amount to Ksh 3,000,000. Depreciation is charged at the rate of 2.5% on land and buildings, 10% on motor vehicle and 15% on furniture as at 31st December 2002 Required a) Trading profit and loss account for year ended 31st December 2002 b) Appropriation account c) Partners Current accounts d) Balance sheet as at 31 December 2002
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