ONE COMPULSORY QUESTION Wayne and Tammi are partners in The Ivy Arrow . The firm has supplied the following detail

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ONE COMPULSORY QUESTION
Wayne and Tammi are partners in The Ivy Arrow . The firm has supplied the following details as at December 31, 2017
DETAILS
DR
CR
Sales
570,000
Wages and Salaries
68,000
Discount Allowed
6,200
Loan Interest
15,000
Creditors
61,315
Return Outwards
8,500
Rent Received
14,000
Purchases
310,200
Debtors
54,350
Provision for Bad Debts
3,200
Telephone Charges
12,000
Bank
79,300
Cash
18,200
Land and Building
220,000
Provision for Depreciation on Building
45,000
Motor Vehicle
290,000
Provision for Depreciation on Motor Vehicle
24,000
Machinery and Equipment
132,000
Provision for Depreciation on Machinery & Equipment
13,200
Capital Wayne
100,000
Capital Tammi
150,000
Current Account Wayne
30,000
Current Accounts Tammi
60,000
Drawings Wayne
20,000
Drawings Tammi
80000
10% Loan
270,000
Building Repairs
39,815
Commission Received
50,000
Opening Stock
34,600
Insurance
21,500
Office Supplies
36,650
1,418,515
1,418,515
Additional information at the end of the year
Land and building
10%
Reducing Balance
Motor Vehicle
10%
Straight Line
Equipment
10%
Reducing Balance
Details of the partnership agreement included the following
Required : Prepare the following for the year 2020 :
ONE COMPULSORY QUESTION Wayne and Tammi are partners in The Ivy Arrow. The firm has supplied the following details as at December 31, 2017 DETAILS Sales Wages and Salaries Discount Allowed Loan Interest Creditors Return Outwards Rent Received Purchases Debiors Provision for Bad Debts Telephone Charges Bank Cash Land and Building Provision for Depreciation on Building Motor Vehicle Provision for Depreciation on Motor Vehicle Machinery and Equipment Provision for Depreciation on Machinery & Equipment Capital Wayne Capital Tammi Current Account Wayne Current Accounts Tammi Drawings Wayne Drawings Tammi 10% Loan Building Repairs Commission Received Opening Stock Insurance Office Supplies DR 68,000 6,200 15,000 310,200 54.350 12,000 18,200 220,000 290,000 132.000 60,000 20,000 80000 39,815 CR 570,000 61.315 8,500 14,000 3,200 79,300 45,000 24,000 13,200 100.000 150,000 30,000 270,000 50,000 34,600 21,500 36,650 1.418.515 1418,515 Additional information at the end of the year a Stock at the end of the year was valued at $64,000 b. Insurance is owing by $1500 Wages and salaries is owing by $2,000