Acc 202 Assignment Kumoye, sumbo and Aderonke are in partnership sharing profit or loss in the ratio 4:3:3. The following is the trial balance of the partnership as at 30 September 2024 DR CR Capital Account: kumoye 45,000 Sumbo 30,000 Aderonke 15,000 Current account: kumoye 1750 Sumbo 1250 Aderonke 750 Debtors 57,500 Creditors 87,500 Provision for doubtful debt 2500 Bank 16,250 Land and building of 1st 150,000 Office expenses 6,000 General expenses 4,000 Motor vehicle at 1st 50,000 Sales 375,000 Purchase 212,500 Bank rate 4,500 Salaries and wages 5,500 Selling expenses 30,000 Insurance 5,000 Stock at beginning 40,000 Accumulate dep: L and B 30,000 Motor van 20,000 Drawing: kumoye 10,000 Sumbo 7,500 Aderonke 7,800 Bills payable 40,000 Bills receivable 2,800 Equipment 37,500 Additional information 1.Stock at close was #75,000 2. ⁠expenses owing Selling expenses #700 Wages and salary #650 Insurance #400 3. Expenses paid in advance Rent and rate #650 General expenses #470 4. Fixed asset Land and building 5% per annum on cost Motor vehicle 2% per annum on cost 5. Bad debt written up #1,500 6. ⁠provision for bad debt is to be made equal to 5% of outstanding debtors as at 30st of sep 2024 You are required 1. Trading profit and loss account for the year ended 30/09/2024 2. ⁠partners current account 3. ⁠Balance sheet as at that date 30/09/2024

Hey okparaugochi2021, good to see you again. Here are the required financial statements: Step 1: Prepare the Trading, Profit and Loss Account for the year ended 30/09/2024 lrr Trading Account & \& \\\ Sales & & 375,000 \\ Less: Cost of Goods Sold & & \\ Opening Stock & 40,000 & \\ Purchases & 212,500 & \\ Less: Closing