Question

2 Paul and Judi are partners in a retail business. The partnership agreement states that they share profits and losses in the ratio 3:2, after allowing interest on capital at the rate of 4% per annum. The following balances were extracted from the books on 30 September 2009: $ Capital accounts Paul Judi Current accounts Paul Judi Drawings Paul Judi Purchases Sales Returns inward Stock at 1 Oct 2008 Staff wages General expenses Rent receivable Advertising expenses Rent Fixtures and fittings (cost) Creditors Debtors Provision for depreciation of fixtures and fittings Provision for doubtful debts Bank 30 000 20 000 Cr 2 300 Dr 650 11 000 10 000 139 750 210 000 4 500 12 650 18 000 9 650 6 000 10 000 17 500 24 000 12 600 8 900 16 000 550 Dr 16 650 Additional information: 1 Stock at 30 September 2009 was valued at $15 400. 2 Paul withdrew goods costing $4 000 from the partnership business during the year. This had not been recorded in the books. 3 At 30 September 2009: Advertising expenses, $2 850, were prepaid. Rent receivable, $2 000, was due. 4 Depreciation is charged on fixtures and fittings at 15 % per annum on cost using the straight line method. 5 Additional fixtures and fittings, $4 000, were purchased on 31 January 2009. These are included in the balance at 30 September 2009. No other changes in fixed assets occurred during the year. Depreciation is calculated from the date of purchase. 6 The provision for doubtful debts is to be maintained at 5% of debtors. (a) Prepare the trading and profit and loss and appropriation accounts of Paul and Judi for the year ended 30 September 2009.

Answer 1

Answer:

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