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Use the information below to answer the following 10 questions. Gordon and Ramsey are two brothers of the Ramsey family, they are qualified Chefs. The
Use the information below to answer the following 10 questions. Gordon and Ramsey are two brothers of the Ramsey family, they are qualified Chefs. The two brothers are in a partnership, trading as Mister Chef, rendering private catering services and a restaurant business. The partners share profits and losses in the ratio of 4:3. The following information was extracted from the accounting records of the partnership: Trial balance of Mister Chef as at 28 February 2023, the end of the financial year: Extract Trial balance of Mister Chef as at 28 February 2023, the end of the financial year: Capital: Gordon 405000 Capital: Ramsey 270000 Current account: Gordon (Dr) 6250 Current account: Ramsey (Cr) 18750 Land and buildings at cost 540000 Inventory 22500 Vehicles at cost 262500 Furniture and fittings at cost 72000 Accumulated depreciation: Vehicles (01 March 2022) 43781.25 Accumulated depreciation: Furniture and fittings (01 March 2022) 14593.75 Revenue: Restaurants 373125 Revenue: Catering 124375 Stationery consumed 38750 Trade receivables control 31250 Trade payables control 16250 Drawings: Gordon 45625 Drawings: Ramsey 36250 Fuel and maintenance 2750 Salaries and wages 212625 Credit losses recovered 1875 Allowance for settlement discount granted 5000 Settlement discount granted 2250 Transportation expenses 4500
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