on partnership account aina and ojo are in partnership as furniture manufacturers, sharing profits and...

on partnership account
aina and ojo are in partnership as furniture manufacturers, sharing profits and losses ratio 3:1 respectively.as of December their capitals and current account balance were
aina current account is 1800cr
ojo current account is 3000dr
aina capital account is 18000
ojo capital account is 20000
under the agreement that aina is credited with a salary of 5000 per annum the interest on drawing 10%. net profit for the year 31st December 1997 was 18500 before charging interest on capital.drawing and salaries. the account shows that each partner made drawing of 1500.
required to prepare
a. the appropriate account
b. current account as at 31st December 1997?

In Accounting
2 Answers Available
Asked by Myra on 22nd February, 2025