S Chan and P Tong

Profit & Loss and Appropriation account

For the year ended 30 September 2005
$ $
Gross Profit 59,610
Bank interest 1,221
Discount received 1,680
62,511
Less : Expenses
Discount allowed 1,980
Wages (12615-247) 12,368
Carriage outwards 2,880
Sundry expenses 8,886
Rent and rates (1077+300) 1,377
Provision for depreciation
- Fixture and fittings (11280-9600) 1,680 29,171
Net profit 33,340
Appropriation
Less: interest on capital - S Chan (72600X6%) 4,356
- P Tong (90900X6%) 5,454 9,810
Add: interest on Drawings - S Chan (10950X4%) 438
- P Tong (13250X4%) 530 968
Less: Salary to partner - P Tong 24,000
498
Share on Profit
- S Chan (498X2/3) 332
- P Tong (498X1/3) 166 498

Capital account
Chan Tong Chan Tong
2005 $ $ 2005 $ $
Sep30 Drawings 10,950 13,250 Sep30 Current a/c 2,100 900
30 Interest on drawings 438 530 30 Bal.c/d 72,600 90,900
30 Bal.c/d 68,000 107,640 30 Interest on capital 4,356 5,454
30 Salaries to partner - 24,000
30 Share on profit 332 166
79,388 121,420 79,388 121,420
 S Chan and P Tong
Balance sheet as at 30 September 2005
$ $ $
Fixed assets
Premises 73,500 - 73,500
Fixtures and fittings 11,280 1,680 9,600
84,780 1,680 83,100
Current assets
Stock 47,085
Debtors 18,120
Bank deposit 53,400
Cash in hand 114
Prepayment - Wages 247
118,966
Current liabilities
Creditors 24,866
Bank Current 1,260
Accrual - rent and rates 300 92,540
175,640
Financed by:
Capital - S Chan 68,000
- P Tong 107,640 175,640