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Draw up a profit and loss appropriation account for the year ended 31 December 2007i. Net profits sh30,350ii. Interest to be charged on capitals: W sh2,000; Psh1,500; H sh900iii. Interest to be charged on drawings; W sh240; P sh180; H sh130iv. Salaries to be credited: P sh2,000; H sh3,500.v. Profits to be shared: W 50%; P 30%; H20%.vi. Current accounts: balances b/f W sh1,860; P sh946; H sh717vii. Capital accounts: balances b/f W sh40,000; P sh30,000; H sh18,000viii. Drawings: W sh9,200; P sh7,100; H sh6,900.
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Read the following and answer the questions below.A and B own a grocery shop. Their first financial year ended on 31 December 2002.The following balances were taken from the books on that date:
Date posted: December 10, 2021 . Answers (1)
Contents of partnership agreement
Bibi Maridadi owns and manages a small manufacturing business. The following balances havebeen extracted from her books of account at 31 January 2009:Required:Using the vertical method, prepare Bibi Maridadi’s manufacturing, trading and profit and lossaccount for the year ended 31 January 1986 and a balance sheet as at that date.
Define the term work in progress(w-i-p)
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Define direct and indirect costs