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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:
- Provide 5% depreciation on machinery
- Create a provision for doubtful debts @ 2%
- Outstanding salary - OMR 200
- Mr. A is entitled to get a salary of OMR 2,000 p.a
- Interest on capital is 5%
Required:
- Trading, profit and loss account of the partnership firm for the year ended.
- Profit and loss appropriation account for the year ended
- Capital accounts and current accounts of the partners for the year ended assuming fixed system of capital
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