Practice questions:
Using the information from Question, show the current accounts for Harold and George Cobb for the year ending 31 December 1998.
Question
Two brothers, Harold and George Cobb, are in partnership trading as H&G Tool Hire, The following information is available for the year ending 31 December 1998:
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|
Harold
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George
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|
Capital accounts
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£20,000
|
£60,000
|
|
Drawings
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£35,000
|
£32,000
|
|
Interest on drawings
|
£1,500
|
£1,000
|
|
Salaries
|
£15,000
|
£10,000
|
|
Profit share
|
60%
|
40%
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