raw up a profit and loss appropriation account for the year ending 31st December 2011 and a statement of financial position extract at that date from the following. I. Net profits Ghc 11,000 II. Interest to be charged on capitals : Kofi Ghc 3,000 ; Yaw Ghc 2,000 ; Ama Ghc 1,500 III. Interest to be charged on drawings: Kofi Ghc 400; Yaw Ghc 300: Ama Ghc 200 IV. Salaries to be credited : Yaw Ghc 20,000 ; Ama Ghc 25,000 V. Profits to be shared : Kofi Ghc 70%; Yaw Ghc 20%; Ama Ghc 10% Vi. Current accounts : balance b/d Kofi Ghc 18,600 ; Yaw Ghc 9,460 ; Ama Ghc 8,200 VII. Capital accounts : balance b/d Kofi Ghc 100,000 ; Yaw Ghc 50,000 ;Ama Ghc 25,000 VIII. Drawings : Kofi Ghc 39,000 ; Yaw Ghc 27,100 ; Ama Ghc 16,800Question
Draw up a profit and loss appropriation account for the year ending 31st December 2011 and a statement of financial position extract at that date from the following.
I. Net profits Ghc 11,000
II. Interest to be charged on capitals : Kofi Ghc 3,000 ; Yaw Ghc 2,000 ; Ama Ghc 1,500
III. Interest to be charged on drawings: Kofi Ghc 400; Yaw Ghc 300: Ama Ghc 200
IV. Salaries to be credited : Yaw Ghc 20,000 ; Ama Ghc 25,000
V. Profits to be shared : Kofi Ghc 70%; Yaw Ghc 20%; Ama Ghc 10%
Vi. Current accounts : balance b/d Kofi Ghc 18,600 ; Yaw Ghc 9,460 ; Ama Ghc 8,200
VII. Capital accounts : balance b/d Kofi Ghc 100,000 ; Yaw Ghc 50,000 ;Ama Ghc 25,000
VIII. Drawings : Kofi Ghc 39,000 ; Yaw Ghc 27,100 ; Ama Ghc 16,800
