Profit and Loss Appropriation Account - Partnership Balance Sheet - Accounting and Finance Assignment Help

Assignment Task:

The following is the trial balance as at 30th June 2019 from the books of Song, Sung, and Blue (operating under a partnership structure), sharing profits and losses equally. From the trial balance below collect and compile the following data together with the additional information and prepare the financial statements in line with Accounting standards. You are required to contact your manager (teacher) to obtain verification and authorization so that you have clear guidelines and approval to prepare the financial statements in accordance with the organizational requirements.

Further matters requiring adjustments are: Song, Sung, and Blue are to be credited with salaries of $15,000, $17,500 and $20,000 respectively. Interest is to be credited on fixed capitals at 5% p.a. Interest is to be charged on drawings at 10% p.a. The partners have each agreed to transfer $10,000 from their Current account to their Capital account. 

The opening Bank balance on 1" July 2018 was $20000. The total cash receipts during the year have been $75,500 and the total cash payments during the year have been $40,900. 

Required: 

(a) Prepare the Profit and Loss Appropriation account. 

(b) Prepare the partners' current accounts in columnar form. 

(c) Prepare the partnership Balance Sheet as at 30 June 2019. 

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