Final accounts question
jordanfisher
Registered Posts: 9
I'm just after some help, doing some practise assessments the question is about appropriation account a profit and partner leaving.
I have the following information;
Profit before appropriation is £84000, and £48000 after deductions this is correct as per the answers.
There are 3 partners, financial year starts April.
From April  30th June profits are A 30% B 50% and C 20%
From July  31st March profits are B 70% and C 30% as A has left.
Working from £48000 as the profit to be distrubted can you advise what you think the answer should be please. As what I have isn't right according to my answer sheet.
Thanks
I have the following information;
Profit before appropriation is £84000, and £48000 after deductions this is correct as per the answers.
There are 3 partners, financial year starts April.
From April  30th June profits are A 30% B 50% and C 20%
From July  31st March profits are B 70% and C 30% as A has left.
Working from £48000 as the profit to be distrubted can you advise what you think the answer should be please. As what I have isn't right according to my answer sheet.
Thanks
0
Best Answer

Which book is it from? They either missed information out from the question or their answer is wrong.5
Answers

As no information is given I have to assume that profit is earned at an even rate.
................................3 mths to 30 Jun.........9 mths to 31 Mar
Profit available
for distribution........12,000...............................36,000
A 30%.......................3600..................................NIL
B 50%/ 70%.............6000..................................25,200
C 20%/30%...............2400.................................10,800
Is this the answer?0 
This is the answer I got too.
But the answer booklet is
A; 2700 & 0
B; 4500 & 27300
C; 1800 & 11700
Meaning 1st April  30th June total 9000
1st July  31st March total 390000 
Osborne 2013 practise assessment 2. From the tutor zone book.
I'm happy knowing that I got the same answer as you so that's fine :) thanks for your help0
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