O-LevelAccountingAccounting proceduresOct/Nov 2022Paper 2 Q520 Marks
Sian and Tom are in partnership sharing profits and losses in proportion to capital invested. The partnership agreement states the following: 1 interest on capital is allowed at 6% per annum 2 Sian is allowed a salary of $20000 per annum 3 interest on drawings is charged at 3% per annum, charged for each proportion of the year The profit for the year before appropriation for the year ended 31 March 2022 was $59190. Drawings made during the year were: Sian Tom $ $ 1 April 2021 8000 10000 1 October 2021 6000 12000 The capital account balances on 1 April 2021 were: $ Sian 150000 Tom 100000
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