OliveAdditional information:600112,800 112,8001. On 1 April 2020, the terms of the partnership agreement were changed. The new terms provided as follows:o A profit-sharing ratio of 5:3:2 for Mercy, Nelly and Olive respectively.o Salaries of $ 30 per month to Nelly and Olive.o Interest on capital at the rate of 5% per annum.o For the purpose of the changes, goodwill was valued at $3,600 and was to be written off immediately while theland and buildings were valued at $6,000 and $19,200 respectively.2. Sales include a credit sale of $1,800 in respect of goods sold on the basis of confirmation by the customer. The goods hadcost $600. As at 30 September 2020; the customer had not confirmed whether he would buy the goods.3. Interest on the loans from Nelly and Olive is to be charged at the rate of 10% per annum. This interest had not been paid asat 30 September 2020.4. Closing inventory as at 30 September 2020 was valued at $ 7,200.5. Unless where otherwise provided, the incomes and expenses accrued evenly throughout the year.Required:1. The statement of profit and loss for the year ended 30 September 2020.2. Partners' current accounts as at 30 September 2020.3. Statement of financial position as at 30 September 2020. SalesInventory (1 October 2019)PurchasesOperating expensesLoan from: NellyOliveLandBuildingPlant and machinery (cost)Accumulated depreciation (30 September 2020)Accounts receivable and accounts payableBank overdraftCapital accounts: MercyNellyOliveCurrent accounts: MercyNellyOliveDrawings: MercyNellyOlive$9,00030,00019,2003,00015,00021,00012,000600$60,0003,0006,00012,0009,9003,6007,5006,0003,0009006009001,200600112,800 112,800

It is an agreement between two or more parties to conduct the business and share the profits and…

Answered: Sales Inventory (1 October 2019)…

Sales Inventory (1 October 2019) Purchases Operating expenses Loan from: Nelly Olive Land Buildir $ 9,000 30,000 19,200 3,000 15.000 $ 60,000 3,000 6,000

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 2.1C

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