Assessed Task: Partnership appropriation accounts and current accounts

Question 1

current account - debit

Answer 1

for both people

interest on drawings
drawings

Question 2

current account - credit

Answer 2

b/d
interest on partners loan
salaries
interest on capital
share of profits

Question 3

appropriation of partnership profits

Answer 3

£ £
profit for yr - 2
interest on partners loan - 2

add
interest on drawings
name - 1
name - 1

less
salary - 2
interest on capital
name - 1
name - 1

share of remaining profit