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Partnership - Template

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Muneeb Khan
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10 views5 pages

Partnership - Template

Uploaded by

Muneeb Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Income Statement of Partnership for the year en

Sales 365,500.00
Cost of Sales 199,540.00
Opening stock 63,750.00
Purchases 211,000.00
Closing Stock 75,210.00
Gross Profit 165,960.00
Expenses 92,435.00
Carriage outward 3,210.00
Discount allowed 1,000.00
Electricity 4,300.00
Office expenses 4,920.00 615 acuured
Salaries and wages 56,700.00 920 Accured
Depreciation on fixtures and fittings 14,500.00
Depreciation on buildings 6,000.00
Bad debts 1,805.00
Operating Profit 73,525.00

Appropriation Account

Profit 73,525.00
Remaining Profit 43,525.00 After deducting
Maria's salary and
Partnership Salary interest on drawings
Maria 30000 from the operating
profit
Interest on Drawings 42,025.00
Ahmed 900.00
Maria 600.00

Interest on Capital 32,525.00


Ahmed 5,500.00
Maria 4,000.00

Profit Share
Ahmed 13,010.00
Maria 19,515.00

Statement of Financial Position as at 31 December 202

Cost Depreciation
Non - Current Assets
Buildings 220,000.00 6,000.00
Fixtures and Fittings 20,500.00 14,500.00
Current Assets
Debtors
Cash at bank
Closing stock
Total Assets
Liabilities
Creditors
Accrued Income
Loan

Equity
A
B

Capital and current account


A B

Drawings 34,800.00 33,500.00


Interest on drawings 900.00 600.00

Clsoing balance 93,710.00 100,015.00


ment of Partnership for the year ended 31 December 2021

acuured
Accured

er deducting
ia's salary and
rest on drawings
m the operating
fit

cial Position as at 31 December 2021

N.B.V
219,100.00
214,000.00
5,100.00
149,325.00
65985
8130
75210
368,425.00
105,735.00
37,200.00
1,535.00
67,000.00

193,725.00
93,710.00
100,015.00

d current account
A B
opening capital Account 110,000.00 80,000.00
opening current account 5,200.00 3,200.00
salary 30,000.00
Interest on Capital 5,500.00 4,000.00
Profit 13,010.00 19,515.00

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