Partnerships — practice question

John and Banu operate as partners. The partners supplied the following balances at 31 March 2021. Revenue $158000 Inventory at 1 April 2020 $9400 Purchases $69200 Rates and insurance $11250 Wages $10475 General expenses $9675 Discount allowed $2000 Commission receivable $4800 Balance at bank $4000 Trade receivables $14150 Trade payables $5835 Premises at cost $130000 Fittings at cost $18000 Provision for depreciation of fittings $8100 Loan from John $10000 Capital accounts: John $75000, Banu $50000 Current accounts: John $4050, Banu $2365 Drawings: John $19000, Banu $21000 Additional information 1 Inventory at 31 March 2021 was measured at $9200. 2 Rates of $650 were unpaid at 31 March 2021. 3 Commission receivable of $300 was due at 31 March 2021. 4 Depreciation on fittings is to be charged at 15% per annum using the straight-line method. 5 The partnership agreement provides for: interest on partner’s loan of 5% per annum interest on drawings of 6% interest on capital of 3% per annum a salary to John of $8500 per annum residual profits and losses to be shared 40% to John and 60% to Banu.