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You have the following information about a partnership: - The financial year ends on 30 September 2020. - The partners are William, Richard and Steve.
You have the following information about a partnership: - The financial year ends on 30 September 2020. - The partners are William, Richard and Steve. - Partners' annual salaries: - William P15,600 - Richard P17,200 - Steve P12,900 - Partners' capital account balances as at 30 September 2020: - William P100,000 - Richard P80,000 - Steve P60,000 Interest on capital is charged at 1% per annum on the capital account balance at the end of the financial year. - The partners share the remaining profit of P72,000 as follows: - William 30% - Richard 45% - Steve 25\% - Partners' drawings for the year: - William P22,890 - Richard P51,250 - Steve P17,240 Prepare the current accounts for the partners for the year ended 30 September 2020. Show clearly the balances carried down. (25)
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