Partnership Profit And Loss Account And Balance Sheet of Partners - SS2 Accounting Past Questions and Answers - page 1
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Question:
Use the following transactions from the partnership of Ayo and Damis’ shop for 2021, to prepare:
-
Trading profit and loss account of the partnership
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Partner’s capital account
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Balance sheet of the partners
TRIAL BALANCE AS OF DECEMBER 31, 2021
|
Account Title |
Debit (₦) |
Credit (₦) |
|
Cash |
75,000 |
|
|
Bank |
60,000 |
|
|
Purchases |
250,000 |
|
|
Sales |
400,000 |
|
|
Rent expense |
30,000 |
|
|
Wages expense |
80,000 |
|
|
Insurance expense |
8,000 |
|
|
Interest expense |
5,000 |
|
|
Advertising expense |
12,000 |
|
|
Ayo, capital |
110,000 |
|
|
Damis, capital |
120,000 |
|
|
Total |
750,000 |
400,000 |
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