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Prepare statement of partners equity and the balance sheet

    Assignment Instructions

    Assignment ID: FG133134247

    Question – The medical practice of Dr. W. Jarratt and Dr. M. Bramstrup had the following general ledger account balances at April 30, 2021, its fiscal year end:

    Accounts payable 

    $26,100

    M. Bramstrup, drawings

    $121,000

    Accumulated depreciation-equipment

    15,600

    Operating expenses

    155,100

    Cash 

    35,400

    Service revenue

    386,000

    Equipment 

    76,300

    W. Jarratt, capital

    35,700

    M. Bramstrup, capital 

    51,400

    W. Jarratt, drawings

    127,000

    Required –

    Calculate the profit or loss for the year.

    Prepare the statement of partners’ equity and the balance sheet, assuming the doctors share profit or loss equally.

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