Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are given the following year end information: OMR Sales - 50,000 Capital: A - 20,000 B - 10,000 Cost of goods sold - 28,000

You are given the following year end information:

OMR

Sales - 50,000

Capital:

A - 20,000

B - 10,000

Cost of goods sold - 28,000

Wages - 1,200

Salary - 2,500

Other administrative expenses - 800

Machinery - 12,000

Debtors - 5,000

Other information:

  1. Provide 5% depreciation on machinery
  2. Create a provision for doubtful debts @ 2%
  3. Outstanding salary - OMR 200
  4. Mr. A is entitled to get a salary of OMR 2,000 p.a
  5. Interest on capital is 5%

Required:

  1. Trading, profit and loss account of the partnership firm for the year ended.
  2. Profit and loss appropriation account for the year ended
  3. Capital accounts and current accounts of the partners for the year ended assuming fixed system of capital

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting

Authors: Pauline Weetman

2nd Edition

0273718452, 978-0273718451

More Books

Students also viewed these Accounting questions

Question

Please solve and provide detailed steps.

Answered: 1 week ago

Question

Define self-esteem and discuss its impact on your life.

Answered: 1 week ago

Question

Discuss how selfesteem is developed.

Answered: 1 week ago