Thomas & Robert are partners sharing profits and losses equally. The following Trial Balance extracted from their books as at 31/12/2012. DR CR 4.120 5.000 8.000 . ACCOUNT Stock 1 January 2012 Capital Account Thomas Robert Drawings Thomas Robert Current Accounts Thomas Robert 760 910 320 270 4.380 6.760 3.730 500 15.630 70 1930 30.550 Debtors & Creditors Wages & Salaries Partnership Salary Thomas Purchases & Sales Cash in Hand Cash at Bank Rates and Insurances Rent Bad Debts Furniture & Fittings Office Furniture General Expenses TOTALS 390 750 210 11800 500 460 48.520 48.520k NOTES 1. Stock 31 December 2012- 5.2004 2. Rates & Insurances prepaid - 50 and Rent due 100.- 3. 8% interest is allowed on the Capital. 4. Capital accounts remained fixed. REQUIRED: Trading and P&L A/cs, Appropriation A/C, Balance Sheet SOLUTION Thomas & Robert Trading and Profit & Loss A/cs for the year ended 31 Dec 2012 T: TI LLLL Thomas & Robert APPROPRIATION A/c For the year ended 31 Dec 2012 T 12 ( ( Thomas & Robert BALANCE SHEET As At 31 Dec 2012 Fixed Assets HCapital A/es- Thomas Robert Current Assets Current A/cs 6 6 | | | | | | | | | | | | | | | | | | > | | | ' ' * 6 Current Liabilities T: T TOTAL ASSETS