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Tom and Faith are in a partnership sharing profits and losses in the ratio of ? 3 5 for Tom and ? 2 5 for
Tom and Faith are in a partnership sharing profits and losses in the ratio of for Tom and for Faith. The partnership deed provides for interest on capital at the rate of and interest on drawings at per annum. The partners are entitled to annual salaries of $ and $ for Tom and Faith respectively.
The following balances were extracted from the books of the partnership as at th September :
$
Capital accounts:
tableTomFaith
Current accounts:
tableTomFaith
Drawings:
tableTomFaith
During the year the partners had made a net profit of $ for the business
Required:
Prepare the partners' current accounts as at th September
Include your answer in the textbook or attach a workbook
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