Answer to Question #172480 in Accounting for Ibrahim Blizt

Question

Illustration

John and Mary started business as partners on 1st April 2007 and we're to share profit in ratio 2:1. The following balances were extracted from their book on 31st March 2008;

Salary and wages = $2250

Bank balance = 15186

Sundry payable = 9649

Miscellaneous = 538

Capital: John = 40000

Mary = 20000

Sundry receivable = 7903

Turnover 39565

Rent and rate = 726

Office Equipment = 39192

Bank loan = 35000

Furniture = 58217

Delivery fan = 25201

Purchases = 16901

Mary's loan = 20000

Provision for bad debt = 175

Drawing:

John = 500

Mary = 320

Stationary = 274

Bad debt = 186

Continuoue......

Answer 1

draw up a balance

not enough retained earnings: 66 268