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.

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

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