Jackie and Kern entered into partnership on 1 April 2014. The partners agreed that:
• Interest should be allowed on fixed capitals at 10 percent per annum
• Jackie should receive a salary of $60 000 per annum
• remaining profits and losses should be shared between Jackie and Kerri in the ratio 3: 2, respectively.
The partnership made a profit of $216,000 during the year ended 31 March 2015. Prepare:
a. The partners’ capital accounts
b. The partners’ drawing accounts
c. The appropriation account for the year ended 31 March 2015
d. The partners’ current accounts.
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