Sharafuddin School Sharafuddin School

S.Hithadhoo S.Hithadhoo
PARTNERSHIP WORKSHEET/ GRADE 9 PARTNERSHIP WORKSHEET/ GRADE 9

Rahim and Anwar are in partnership sharing profits and losses in the ratio 2 : 1 respectively. Rahim and Anwar are in partnership sharing profits and losses in the ratio 2 : 1 respectively.
The following trial balance was extracted from the books of the partnership on 30 April 2015: The following trial balance was extracted from the books of the partnership on 30 April 2015:

Dr Cr Dr Cr
$ $ $ $
Revenue [Sales] 284 700 Revenue [Sales] 284 700
Raw-materials [Purchases] 121 200 Raw-materials [Purchases] 121 200
Rent, rates and insurance 14 600 Rent, rates and insurance 14 600
Wages and salaries 43 700 Wages and salaries 43 700
Repackaging expenses 2 400 Repackaging expenses 2 400
Motor expenses 22 900 Motor expenses 22 900
Distribution costs 4 300 Distribution costs 4 300
Land and buildings at cost 110 600 Land and buildings at cost 110 600
Commission received 3 100 Commission received 3 100
Motor vehicles at cost 48 000 Motor vehicles at cost 48 000
Provision for depreciation - motor vehicles 19 100 Provision for depreciation - motor vehicles 19 100
Inventory [Stock] at 1 May 2014 9 600 Inventory [Stock] at 1 May 2014 9 600
Trade receivables [Debtors] 29 000 Trade receivables [Debtors] 29 000
Trade Payables [Creditors ] 7 700 Trade Payables [Creditors ] 7 700
Bank 9 400 Bank 9 400
Capital accounts 1 May 2014 Capital accounts 1 May 2014
- Rahim 80 000 - Rahim 80 000
- Anwar 40 000 - Anwar 40 000
Current accounts 1 May 2014 Current accounts 1 May 2014
- Rahim 11 600 - Rahim 11 600
- Anwar 12 300 - Anwar 12 300
Drawings - Rahim 12 800 Drawings - Rahim 12 800
- Anwar 16 300 - Anwar 16 300

444 800 444 800 444 800 444 800

Additional information:
1 Inventory at 30 April 2015 was valued at $12 300.
2 Wages and salaries of $3100 were accrued at 30 April 2015.
3 A provision for doubtful debts of 4 % of trade receivables at 30 April 2015 is to be created.
4 Motor vehicles are to be depreciated by 40 % per annum using the diminishing
(reducing) balance method. Depreciation is not charged on land and buildings.
5 Anwar is entitled to a partnership salary of $14 000 per annum.
6 Interest on capital is allowed at 5 % per annum.
REQUIRED
(a) Prepare the partnership Income statement and Appropriation Account for the year ended
30 April 2015.
(b) Prepare the partnership Balance Sheet as at 30 April 2015. Prepare a separate current
account .
Additional information:
1 Inventory at 30 April 2015 was valued at $12 300.
2 Wages and salaries of $3100 were accrued at 30 April 2015.
3 A provision for doubtful debts of 4 % of trade receivables at 30 April 2015 is to be created.
4 Motor vehicles are to be depreciated by 40 % per annum using the diminishing
(reducing) balance method. Depreciation is not charged on land and buildings.
5 Anwar is entitled to a partnership salary of $14 000 per annum.
6 Interest on capital is allowed at 5 % per annum.
REQUIRED
(a) Prepare the partnership Income statement and Appropriation Account for the year ended
30 April 2015.
(b) Prepare the partnership Balance Sheet as at 30 April 2015. Prepare a separate current
account .