30,000 20,000 1,200,000 20,000 60,000 300,000 12.000 Drawings - Azumah. Drawings - Assibi.. Sales.. Sales returns. Unear

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30 000 20 000 1 200 000 20 000 60 000 300 000 12 000 Drawings Azumah Drawings Assibi Sales Sales Returns Unear 1 (130.42 KiB) Viewed 29 times

30,000 20,000 1,200,000 20,000 60,000 300,000 12.000 Drawings - Azumah. Drawings - Assibi.. Sales.. Sales returns. Unearned Revenue Purchases.. Purchases returns. Carriage inwards Salaries and wages. Rent expense. Advertis Advertising expense. Carriage outwards Insurance expense Interest expense.. Repairs and Maintenance.. Utilities expense. Totals 1,000 178,700 34,000 45,000 8,700 25,000 16,500 70,000 64.800 3,085,260 3,085,260 Below additional information required for preparing financial statements for the year. 1.Rent prepaid as of December 31, 2020 was GHS 6,850. 2. Offices supplies amounting to GHS 500 was taken by Assibi but was not recorded. 3. Azumah withdrew GHS 5,200 from the bank account to pay his son's school fees. 4. As of December 31, 2020, GHS 12,000 of unearned revenue had been earned. 1 5. As of December 31, 2020, accrued interest on the 7% long-term loan was GHS 15,900 and interest outstanding on the bank loan was GHS 6,500. 6. A receivable from Bespoke Enterprise amounting to GHS 9,400 was declared bad debt since the business has gone bankrupt. 7. After a review of the outstanding receivables, it was decided to increase the provision for doubtful of the debts to 4% of the remaining receivables. 8. Depreciation of non-current assets are as follows: Motor Vehicles - straight-line method, 5 years useful life with no salvage value. Equipment - 20% reducing balance method Building - straight-line method, 12 years useful life with salvage value of GH10,000. 9.The purchase of office supplies for GHS 5,000 was debited to insurance expense in error. 10. Office supplies inventory was GHS 3,200 on December 31, 2020. 11. Closing inventory at the end of the period was GHS 68,500 but its net realizable value was GHS 60,000. 12. Prepaid insurance at the end of the year was GHS 4,800 13. Accrued salaries and wages not paid as of December 31, 2020 was GHS 6,750 14. On December 31, 2020, the partnership sold one of their old motor vehicles (MV) for GH 15,000. cost of the MV was GHS 65,000. Accumulated depreciation of the motor vehicle was GHS 52,000. 15. On December 31, 2020, the partnership sold an equipment costing GHS 56,000 with accumulated depreciation of GHS 49,000 for GHS 5,700. The partnership agreement specified the following: 17. Pay salary of GHS 40,000 and GHS 30,000 to Azumah and Assibi respectively 19. After salaries share the next GHS 60,000 of profit based on capital balances at the beginning of th year 20. After salaries and share of next GHS 60,000, each partner earns an interest of 10% on the beginni of year capital balance 21. Share any remaining profit equally. Required: a) Prepare income statement for Assibi-Azumah Partners for the year end December 31, 2020 b) Prepare the Partners Capital and Drawings accounts at the end of the year c) Prepare Assibi-Azumah Partners statement of financial position as at December 31, 2020