Mr. Queen and Mrs. King Partnership for Trading in Partnership Transporters Case Study – Management Assignment Help

Assignment Task

Task

Mr. Queen and Mrs. King are trading in partnership as transporters. wholesalers and distributors. They close their accounts on 30n November each year. Their trial balance as at 30h November 2020 appeared as follows :- DR Sus CR Sus Capitals: Queen 250.000 King 150.000 Motor whisk at cost 2. 500. 000 Provision of depreciation 750.000 Provision for bad debts 25.000 Debtors and creditors 850.000 440.000 Salaries and wages 150.000 I. 200. 000 Transportation income Salts and purchases 4. 080. 000 6.148.000 Returns outwards and Inwards 225.000 L-065. 00r—450.000 Stocks on r Dec 2019 Rents 18.000 Water and eleet•kity 4.800 Telephone and postage 10.800 Printing and stationery 4. 500 Petro and oil 548.000 Servicing and spares 202.550 Legal fees and expenses 15.000 Insurance premiums 73.000 Current accounts: Queen 45.000 King 29.000 Loan and overdra f I interest 75.300 Bank charges 12.150 Bank overdraft 2557000 164.000 Bank loan 9.8-641000 9.6’641000 

The following additional information is also provided I Salary at sh 16. 000 per month should be credited to the current account of Mrs. King il Partners are entitled to interest on capital at 12% per annum in Profits and losses arc to be shored equally iu Motor vehicle is to be depreciated at 26% by the straight line method v Provision is to be made for accounting and auditing fees shs 56.000 ui Bad debts amounting to shs 44.000 are to be written off vii Provision f or bad debts should be increased by shs 60.000 viii Stocks as at 30n November 2020 were valued at sh 1.076.000 
Required :- a) Trading Account for the year ended 30n Nov 2020 b) Prof it and loss Account for the year ended 30 Nov 2020 c) Partnership Prof it & Loss Appropriation Account d) Partners Fluctuating Capital Accounts (separately) c) Partners Current Accounts (separately) f Partnership Balance Sheet as at 30n November 2020 (Dual currant A/Cs)