Mary and Seamus are in partnership sharing profits and

losses #8261
Mary and Seamus are in partnership sharing profits and losses equally. The partnership
agreement provides for annual salaries of £34,000 for Mary and £22,000 for Seamus. It also
provides for interest on capital of 8 per cent per annum and interest on drawings of 5 per cent
per annum. You are given the following additional information relating to the accounting year
ending 30 June 20X3._________________________________Mary SeamusCapital at 1 July
20X2......................180,000...........60.000Current account at I July
20X2.............33,850...........20,470Drawings - I October 20X2..................6,000.............5,000- 1
Match 20X3...............................12,000............4,000Capital introduced I November
20X2.....30,000................._Loon by Seamus (5%) - 1 April 20X3.......................50,000The profit
for the year shown in the statement of profit and loss for the year ended 30 June 20X3 was
£150,000.Requireda. Prepare the following accounts:i. Appropriation accountii. Capital
accountsiii. Current accountsb. Describe the main characteristics of a partnership.View Solution:
Mary and Seamus are in partnership sharing profits and losses

ANSWER
http://paperinstant.com/downloads/mary-and-seamus-are-in-partnership-sharing-profits-and-
losses/

1/1
Powered by TCPDF (www.tcpdf.org)