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Kalimu and Shikah commenced trading in partnership as Kashi Enterprises on 1 January 2013. They share profits and losses in the ratio of 2:1 for...

Kalimu and Shikah commenced trading in partnership as Kashi Enterprises on 1 January 2013. They share profits and losses in the ratio of 2:1 for Kalimu and Shikah respectively. The partners were to receive monthly salaries of Sh.18, 000 and Sh.22,000 for Kalimu and Shikah respectively. The partnership did not maintain a complete set of accounting records.
The following summary of the bank statements for the year ended 31 December 2013 has been presented to you.

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Required:
(i) Adjusted partnership profit or loss for the year ended 31 December 2013.
(ii) Distribution schedule of the profit or loss calculated in (i) above.

Answers


Wilfred
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Wilfykil answered the question on February 13, 2019 at 08:38

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