Business, 27.08.2021 20:50 nakarelinp0p303

Alice and Bob are in partnership sharing profits in the ratio 3:2. The partnership's profit for the year was KShs.654,600. The partnership agreement provides for: Interest to be paid on the partners' opening capital balances at a rate of 5% per annum Interest on drawings at a rate of 8% per annum on all drawings during the year Partners' annual salaries of Alice, KShs.90,000; Bob, KShs.50,000. At the beginning of the year, the partners' capital and current account balances were: Capital (KShs.) Current (KShs.) Alice 1,200,000 (Cr) 157,000 (Cr) Bob 800.000 (Cr) 45,000 (Dr) During the year, Alice's drawings were KShs.180,000 and Bob's drawings were KShs.310,000. Required: a) Prepare the Partnership Appropriation Account b) Calculate each partner's share of the residual profit and total profit share c) Prepare the partners' current accounts

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Alice and Bob are in partnership sharing profits in the ratio 3:2. The partnership's profit for the...

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