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11 marksPartnership Financial Statements and Current Accounts

CSEC Principles of Accounts · January 2011 · Paper 2 · Question 2(a)

Partnership deed details for C. Wynn and T. Bain (interest on capital 10%, interest on drawings 10%, monthly salaries: Wynn 1 200, Bain 800) and trial balance as at December 31, 2010 are given before interest on T. Bain's loan (2-year, 4% loan of $5 000).

Prepare the Appropriation Account for C. Wynn and T. Bain for the year ended December 31, 2010. (Show all working clearly)

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Other parts of this question

  1. 2(b)Using columnar style, prepare the Current Accounts for C. Wynn and T. Bain.[7 marks]
  2. 2(c)Draw up a statement showing the net worth of EACH partner as at December 31, 2010.[2 marks]

More practice: the rest of this paper · more Partnership Financial Statements and Current Accounts questions · all CSEC Principles of Accounts past papers