Amina and Doreen formed a partnership on 1 January 2016, buying and selling calculators. On
that date they each paid $5000 into the business bank account.
Amina also brought in a delivery vehicle valued at $8100 to the partnership and Doreen brought in
fixtures and fittings valued at $4800.
The partnership agreement stated that profits and losses would be shared in the ratio 2:1.
Depreciation was to be provided on a monthly basis, at the rate of 20% per annum for the delivery
vehicle and 10% per annum for the fixtures and fittings.
In the first month of trading they had the following transactions.
Jan 1 Paid 3 months’ rent totalling $2700, by cheque
2 Bought 1000 calculators for $4 each from Bertie on credit
6 Sold 800 calculators for cash for $10 each, keeping $100 in hand and banking the
remaining cash
13 Sold 50 calculators for $10 each to Charlie on credit
20 Paid Bertie by cheque, deducting 3% discount for prompt payment
31 Paid wages for the month, $800, by credit transfer
REQUIRED