Quelpr
8 marksPartnership Financial Statements and Current Accounts

CSEC Principles of Accounts · January 2009 · Paper 2 · Question 1(a)

Partnership details are provided for Allert and Wildman for the year ended December 31, 2008, including opening capital and current balances, drawings, net profit of 72 500, interest on capital at 10%, interest on drawings at 5%, monthly salary to Wildman of 1 000, and profit-sharing ratio based on capital account balances.

Prepare the partnership Profit and Loss Appropriation Account for the year ended December 31, 2008.

The mark scheme is shown once you've answered.

Practise this question

Other parts of this question

  1. 1(b)Prepare the Current Accounts for the partnership as at December 31, 2008.[10 marks]
  2. 1(c)State ONE disadvantage of being a general partner in a partnership.[1 mark]
  3. 1(d)Calculate the amount of the net profit due to EACH partner based on the principles of the Partnership Act of 1890.[1 mark]

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