2 marksPartnership Financial Statements and Current Accounts

CSEC Principles of Accounts · May/June 2012 · Paper 2 · Question 4(b)(ii)

Partners anticipate a profit of $99 000 at the end of the first year.

Calculate each partner's share of profit in the ratio 3:7, showing all working.

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Other parts of this question

4(a)(i)Prepare individual opening entries as at 1 May 2012 to record each sole trader's contribution to the partnership.[7 marks]
4(a)(ii)Prepare a classified summarized Balance Sheet for PG Enterprises as at 1 May 2012, using the order of permanence.[7 marks]
4(b)(i)Calculate each partner's share of profit in the capital sharing ratio, showing all working.[2 marks]
4(c)List TWO features, other than the profit sharing ratio, that should be included in P and G's partnership agreement.[2 marks]

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