I just wanted to clarify that I created the following tables based on the Income Statement, Trial Balance, and the instructions given in Part B of the task:
Profit & Loss Account
Profit & Loss Appropriation Account
Current Account – Hari
Current Account – Jane
I applied the rules as outlined in the textbook, such as:
The Profit & Loss account records:
• All business expenses and incomes to calculate net profit
• The following items relating to individual partners are treated as business expenses/incomes:
• Interest on Loans by a partner
• Interest on Advance/Loan to a partner
• Salaries to Partners.
The Profit & Loss Appropriation account records:
•The Net Profit transferred from the Profit & Loss account.
•Any Interest on Capital credited to partners on balances of their capital accounts.
•Any Interest on Drawings charged to partners on the amount of their drawings.
•The Share of Profits to the partners in accordance with the partnership agreement.
The Current account is used to record all other transactions affecting the equity of the partner:
•Share of profits.
•Partner’s salary (if credited and not paid).
•Drawings.
•Interest on “fixed” capital.
•Interest on drawings.
•Any adjustments between the partners.
(An annual salary of $10,000 which is not paid in cash, is to be credited to Jane (at the end of each financial year on 30 June))
I truly feel that I followed the correct structure, yet today I received this feedback:
Unfortunately, your answers are completely wrong. These are ledger accounts, not statements. You have to have the closing balance marked by CR/DR in each line. Each account must have an opening balance and a closing balance. You either move the closing balance to another account and bring it to NIL, or keep the closing balance (depending on the nature of the account).
You need to study the relevant material carefully, practice the examples given in the collaborative session 5, and in the textbook (Chapter 5 – Part 2) and try this question from scratch.
I’m confused and also starting to feel frustrated after being told several times that my answers are wrong, even though I’ve carefully applied what’s in the textbook.
Could you please take a look at my tables and provide specific feedback on what exactly is incorrect? I really want to understand where I’m going wrong so I can improve. And please write balance cells too.
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