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8 marksPartnership Financial Statements and Current Accounts

CSEC Principles of Accounts · January 2016 · Paper 2 · Question 2(a)

Cassie and Kacie formed a partnership on 1 January 2015 with specified capital investments, drawings, interest on capital of 10% per annum, interest on drawings of 7% per annum, Kacie's salary of 25 000, profit/loss sharing ratio of 3:2, and net income of 55 000 for the year ended 31 December 2015.

Prepare the Profit and Loss Appropriation Account for the partnership for the year ended 31 December 2015.

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Other parts of this question

  1. 2(b)Prepare the partners' Current Accounts in columnar style.[10 marks]
  2. 2(c)Explain the significance of the balance on each partner's Current Account.[2 marks]

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