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Category > Management Posted 09 Oct 2017 My Price 5.00

appropriation account

Draw up a profit and loss appropriation account for the year ending 31 December 2017 and statement of financial position extract at that date, from the following:

(i) Net profits £111,100.

(ii) Interest to be charged on capitals: Blair £3,000; Short £2,000; Steel £1,500.

(iii) Interest to be charged on drawings: Blair £400; Short £300; Steel £200.

(iv) Salaries to be credited: Short £20,000; Steel £25,000.

(v) Profits to be shared: Blair 70%; Short 20%; Steel 10%.

(vi) Current accounts: balances b/d Blair £18,600; Short £9,460; Steel £8,200.

(vii) Capital accounts: balances b/d Blair £100,000; Short £50,000; Steel £25,000.

(viii) Drawings: Blair £39,000; Short £27,100; Steel £16,800.

 

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Maurice Tutor
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Status NEW Posted 09 Oct 2017 09:10 PM My Price 5.00

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