Quelpr
9 marksPartnership Financial Statements and Current Accounts

CSEC Principles of Accounts · May/June 2015 · Paper 2 · Question 2(c)

Additional balances and information: Capital Accounts: Barney 60 000, Swiper 35 000; Drawings: Barney (01 October 2014 to 31 March 2015) 4 000, Swiper (01 January 2015 to 31 March 2015) 12 000; Net income for year ended 31 March 2015 is 82 000; Barney annual salary 36 000; Interest on capital 5% per annum; Interest on drawings charged at 10% per year; Profit sharing ratio Barney:Swiper is 3:2.

Prepare the Profit and Loss Appropriation Account of Barney and Swiper for the year ended 31 March 2015.

The mark scheme is shown once you've answered.

Practise this question

Other parts of this question

  1. 2(a)State TWO distinguishing features of a partnership.[2 marks]
  2. 2(b)State the significance of the brought down balance on EACH partner's current account.[2 marks]
  3. 2(d)Prepare the partners' Current Accounts on 31 March 2015, after the appropriation.[7 marks]

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