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BBA 212 FINANCIAL ACCOUNTING II A and B are trading in partnership, sharing profits and loses equally. Interest at 5% per annum is allowed or charged on both the capital account and the current account balances at the beginning of the year. Interest is charged on drawing at 5% per annum. The partners are entitled to annual salaries of : A K12,000; B K8,000. Listed below is their trial balance as at 31 December 2016 . A and B Trial balance as at 31 December 2016 Dr Cr K K Capital accounts: A 100,000 B 50,000 Current accounts: A 2,000 B 600 Cash drawings for the year: A 15,000 B 10,000 Freehold premises at cost 50,000 Inventory at 1 January 2016 75, 000 Fixtures and fittings at cost 15,000 Purchases and purchase returns 380,000 12,000 Bank 31,600 Sales and sales returns 6,000 508,000 Accounts receivable and accounts payable 52,400 33,300 Carriage inwards 21,500 Carriage outwards 3,000 Staff salaries 42,000 VAT 8,700 Office expenses 7,500
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Allowances for doubtful debts 2,000 Advertising 5,000 Discounts received 1,000 Discounts allowed 1,200 Bad debts 1,400 Rent and rates 2,800 Accumulated provision for depreciation of fixtures and fittings
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