Breathtaking Partnership Balance Sheet Example
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Income Statement For The Year Ended 30 June 2009 RM Revenue 595000 Cost of sales -195490 Gross profit 399510 Other operating income Interest income 2560 Distribution administrative and other expenses Carriage outward - 25897 Advertising and promotions.
Partnership balance sheet example. Remember that allocating net income does not mean the partners receive cash. Lucy has very little knowledge of bookkeeping but attempted to prepare a Balance Sheet as at 30 September 2004. The following balance sheet was prepared on December 31 before adjusting and closing entries for the year had.
Partners may divide profits equally. Partners salaries 50000 80000 -130000 Interest on capital 10000 15000 25000 Drawings 60000 80000 -140000. The entry in column d of line 14 for total assets at.
All information shown on the balance sheets for the AbleBaker Book Store should agree with its books of record. Books on June 30 2002. Schedule L contains the partnerships balance sheets at the beginning and end of the tax year.
Edit with Office GoogleDocs iWork etc. The Balance Sheet she prepared containing errors is shown below. A practice question Here is a practice question to test your understanding.
Prepare balance sheet of partnerships The balance sheet of a partnership similar to that of a sole trading company except for the following. Find your Sample partnership balance sheet template contract form or document. Download Template Fill in the Blanks Job Done.
Each of the three partners would be allocated 20000 60000 3. Easy to use Word Excel and PPT templates. On the next line place the account title Owners Name Capital in this case the owners name is AL.
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