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Exercise 6.3 The following information is from the books of Tsolele and Linotsi at the end of the financial year on 31 December 2019. Tsolele and Linotsi TRIAL BALANCE FOR THE YEAR ENDED 31 DECEMBER 2019 Sales (revenue) Purchases All Returns Le Inventory (01/01/2019) Discounts Carriage inwards Salaries and wages General expenses Rent income (receivable) Carriage outwards Premises (at cost) Provision for depreciation of premises Office equipment (at cost) Provision for depreciation of office equipment Bank Trade receivables Trade payables Debit Credit 70300 32 500 150 300 3.400 500 400 1.300 6820 2450 580 85 000 20.000 4 500 7500 6.000 4 200 8.500 3.800 5.200 10 000 40 000 30 000 Free interest loan from AAT Bank Salary: Linotsi Capital accounts: Tšolele Linotsi Current accounts: Tšolele (Cr.) Linotsi (Dr.) Drawings accounts: Tšolele Linotsi 2 200 1.000 2000 Additional information: . Inventory at 31 December 2019 is valued at M2 600. Provision for depreciation: . Premises charged at 5% p.a. using the straight-line method . Office equipment charged at 10% p.a. using the reducing-balance method. Salaries and wages accrued, M280 Rent income (receivable) paid up to 29 February 2020 2% of trade receivable must be provided for doubtful debts. According to the Partnership Deed: . Profits and losses are shared in the ratio of 4:3, respectively. Linotsi will be paid an annual salary of M6 000 . Interest of 5% charged on drawings Interest of 10% charged on capital Prepare the Income Statement for the year ended 31 December 2019. Prepare the Appropriation account for the year ended 31 December 2019 and the Current accounts in the Statement of Financial Position. Seneral Ice Prepare the Statement of Financial Position as at 31 December 2019, Around bake belais 800 174 700 174 Dennings 1.000
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