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3 marksPartnership Financial Statements and Current Accounts

CSEC Principles of Accounts · May/June 2010 · Paper 2 · Question 2(a)(i)

Angel and Karissa are in partnership sharing profits and losses in the ratio 3:2. Interest on drawings is charged at 5% per annum and interest on capital is 10% per annum. Angel and Karissa receive salaries of 15 000 and 8 000 respectively. An extract of their Current Accounts is provided.

Calculate and enter the interest on drawings to be charged to EACH partner in the Current Accounts.

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Other parts of this question

  1. 2(a)(ii)Balance the Current Accounts of the partners, showing workings.[2 marks]
  2. 2(a)(iii)State the significance of BOTH balances brought down as at December 31, 2009.[2 marks]
  3. 2(a)(iv)State ONE possible reason why Angel and Karissa earn different salaries.[1 mark]
  4. 2(b)From the information in the Current Accounts, prepare the Appropriation of Profits Account for Angel and Karissa for the year ended December 31, 2009, showing…[10 marks]
  5. 2(c)Calculate the capital invested by EACH partner, showing workings.[2 marks]

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