A, B and C

Income Statement for the year ended 31 December 20X1

$ $
Sales XXX
Less Return Inwards (XXX)
XXX
Less: Cost of goods sold
Opening Inventory XXX
Purchases XXX
Less Return Outwards (XXX)
Less Carriage Inwards (XXX)
Less Closing Inventory (XXX) (XXX)
Gross Profit XXX
Add other revenue
Discount received XXX
Decrease in AFDA XXX
Gain on Disposal XXX XXX
XXX
Less Expenses
Depreciation XXX
Loss on Disposal XXX
Rent and rates XXX
Wages and salaries XXX
Increase in AFDA XXX
Bad Debts XXX
Loan interest * XXX
Carriage outwards XXX (XXX)
Net Profit XXX
Appropriations:
Add Interest on Drawings:
- A XXX
- B XXX
- C XXX XXX
XXX
Less Partners’ salaries:
- A X
- B X
- C X X
 Interest on Capital:
- A X
- B X
- C X X

Interest on Current accounts

- A X
- B X
- C X X (X)
X

Share of profit
A (1/3) X
B (1/3) X
C (1/3) X
X