Basic Accounting Assignment:

i have an Accounting Assignment on partnership Due at 9am next week Tuesday could i get some help with it please 4. Mary and Jane are in partnership sharing profits and losses in the ratio 3:2. The following trial balance has been extracted from their books for the year to 31 May 2009 after the calculation of the profit for the period: Debit Credit € € Profit for year ended 31/05/09 200,000 Bank 20,000 Capital a/c’s at 01/06/08 Mary 120,000 Jane 60,000 Current a/c’s at 01/06/08 Mary 40,000 Jane 25,000 Trade payables 300,000 Trade receivables 200,000 Drawings Mary 80,000 Jane 30,000 Equipment at cost 50,000 Accumulated depreciation 10,000 Long-term loan 215,000 Inventory 31/05/09 320,000 Motor vehicles at cost 260,000 Accumulated depreciation 40,000 985,000 985,000 The following additional information is also provided: The partners have agreed to the following arrangements between themselves: (1) Interest is to be charged on drawings at a rate of 5% per annum. (2) Interest of 10% per annum is to be allowed on capital account balances. (3) The partner’s drawings were made on 1st December 2008. (4) Salary for Mary is €10,000. (5) On 31 May 2009 Mary and Jane increased their capital by e10,000 each. This has not been recorded in the trial balance. REQUIREMENT: (a) Prepare the Partner’s Appropriation Account. (b) Prepare the current and capital accounts for Mary and Kate. (c) Prepare the balance sheet/statement of financial position for the partnership as at 31/05/09. (d) List the key points of the Partnership Act 1890 which applies when no partnership agreement exists.