(i) the profit and loss appropriation account of Penrose and Wilcox;
(ii) the current accounts in the ledger for Penrose and Wilcox.
(b) Why in many partnerships are current accounts prepared as well as capital accounts?
(c) At 1 January 2016 Penrose had a debit balance in his current account. What does this mean?
(d) In partnership accounts what is the purpose of preparing:
(i) a statement of profit or loss?
(ii) a profit and loss appropriation account?
(e) In partnership accounts why is:
(i) interest allowed on capital?
(ii) interest charged on drawings?