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  3. the following trial balance has been extracted fro

The following trial balance has been extracted from the books of W, F and M...

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Accounting

The following trial balance has been extracted from the books of W, F and M on 31/12/2022
Debit Credit
K K
Fixecapital
W 10,000
F 8,000
M 6,000
Current accounts
W 4,000
F 500
M 2,000
Long-term loans 5,000
Plant and equipment 15,000
Vehicles 8,000
Debtors 29,000
Creditors 12,000
Stock at 1/1/202215,500
Bank 3,000
Sales 250,000
Wages 50,000
Purchases 125,000
Rent and rates 5,000
Other costs 35,000
Salaries
W 6,000
F 3,000
M 2,000
297,000297,000
The following information is also available:
(a) The profit sharing ratio is 3:2:1 for W, f and m respectively
(b) All assets are to be depreciated by 20%.
(c) Closing stock has a value of K18,000.
(d) All capital transactions are to be conducted through the partnerscurrent accounts.
(e) At the year end, the partners agreed to increase each fixed capital account by 10% by
transfereing funds from their current accounts.
REQUIRED:
Prepare the financial accounts of the partnership for the year to 31/12/2022.

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