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  • Appropriation Account For Benji and Nicka For The Year Ended 31 December 2017

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    1) The net profit for Benji and Nicka's partnership for the year ended 31 December 2017 was $56,200. 2) Interest on capital drawings was calculated at 5% for Benji ($300) and Nicka ($215) and added to the net profit. 3) Interest on capital was deducted at 10% for Benji ($16,000) and Nicka ($14,000). Salaries and total appropriations of $35,000 were also deducted to give a residual net profit of $21,715. 4) This residual profit was split with Benji receiving 3/5 ($13,029) and Nicka receiving 2/5 ($8,

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    Appropriation Account for Benji and Nicka for the Year Ended 31 December 2017

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    1) The net profit for Benji and Nicka's partnership for the year ended 31 December 2017 was $56,200. 2) Interest on capital drawings was calculated at 5% for Benji ($300) and Nicka ($215) and added to the net profit. 3) Interest on capital was deducted at 10% for Benji ($16,000) and Nicka ($14,000). Salaries and total appropriations of $35,000 were also deducted to give a residual net profit of $21,715. 4) This residual profit was split with Benji receiving 3/5 ($13,029) and Nicka receiving 2/5 ($8,

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    111 views2 pages

    Appropriation Account For Benji and Nicka For The Year Ended 31 December 2017

    Uploaded by

    409005091
    1) The net profit for Benji and Nicka's partnership for the year ended 31 December 2017 was $56,200. 2) Interest on capital drawings was calculated at 5% for Benji ($300) and Nicka ($215) and added to the net profit. 3) Interest on capital was deducted at 10% for Benji ($16,000) and Nicka ($14,000). Salaries and total appropriations of $35,000 were also deducted to give a residual net profit of $21,715. 4) This residual profit was split with Benji receiving 3/5 ($13,029) and Nicka receiving 2/5 ($8,

    Copyright:

    © All Rights Reserved
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    of 2

    Appropriation account for Benji and Nicka for the year ended 31 December 2017

    $ $
    Net Profit /net income 56200
    Add: Interest on Drawings
    Nicka($4300*5%) 215
    Benji($6000*5%) 300
    56715

    Less: Intress on Capital


    Nicka ($140000*10%) 14000
    Benji($160000*10%) 16000

    Less: Nicka Salary 5000


    Less Total Appropriation 35000
    Residual Net Profit 21715

    Share of Residual Net Profit


    Nicka($21715*2/5) 8686
    Benji($21715*3/5) 13029
    21715
    Benji and Nicka Partnership Current Account As At 31 December, 2017
      Benji Nicka   Benji Nicka
      $ $   $ $
    Opening Balance 1300   Opening Balance   8200
    Drawing 6000 4300 Salary   5000
    nterest on Drawings 300 215 Interest on Capital 16000 14000
    Closing Balance 21429 31371 Share of Profit 13029 8686
               
             
      29029 35886   29029 35886
          Opening Balance 21429 31371
               

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