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8 marksPartnership Financial Statements and Current Accounts

CSEC Principles of Accounts · January 2013 · Paper 2 · Question 2(a)

Partnership financial details are provided for Threaker and Waitley for the year ended 31 December 2012, including capital, current accounts, drawings, net profit of 172 000, and partnership agreement terms (10% interest on capital, 5% interest on drawings, 1 500 per month salary to Waitley, and profit/loss sharing ratio 2:3).

Prepare the partnership Profit and Loss Appropriation Account for the year ended 31 December 2012.

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Other parts of this question

  1. 2(b)Prepare Current Accounts for the partnership as at 31 December 2012.[10 marks]
  2. 2(c)Share the profit of the business between Threaker and Waitley as if there was no partnership agreement.[2 marks]

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