Final accounts question
jordanfisher
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
Best Answer

N4T Posts: 143Which book is it from? They either missed information out from the question or their answer is wrong.
Answers
................................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?
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 39000
I'm happy knowing that I got the same answer as you so that's fine :) thanks for your help