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2 marksPartnership Formation and Capital Accounts

CSEC Principles of Accounts · May/June 2016 · Paper 2 · Question 1(a)

Partnership details of Metevier and Moreno, including capital contributions, loan, drawings, interest rates, and financial balances at 31 December 2015.

State TWO other features, apart from the profit/loss sharing ratio, that may be included in a partnership agreement.

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Other parts of this question

  1. 1(b)State the rate to be used to share net profit or loss when the partnership agreement is silent.[1 mark]
  2. 1(c)Prepare the Profit Appropriation Account for Metevier and Moreno for the year ended 31 December 2015.[9 marks]
  3. 1(d)(i)Prepare the Statement of Financial Position (Balance Sheet) as at 31 December 2015 for Metevier and Moreno showing clearly the firm's working capital.[4 marks]
  4. 1(d)(ii)Show clearly the details of each partner's earnings in the Capital section of the Statement of Financial Position.[4 marks]

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