CSEC Principles of Accounts · May/June 2010 · Paper 2 · Question 2(c)
Calculate the capital invested by EACH partner, showing workings.
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- 2(a)(i)Calculate and enter the interest on drawings to be charged to EACH partner in the Current Accounts.[3 marks]
- 2(a)(ii)Balance the Current Accounts of the partners, showing workings.[2 marks]
- 2(a)(iii)State the significance of BOTH balances brought down as at December 31, 2009.[2 marks]
- 2(a)(iv)State ONE possible reason why Angel and Karissa earn different salaries.[1 mark]
- 2(b)From the information in the Current Accounts, prepare the Appropriation of Profits Account for Angel and Karissa for the year ended December 31, 2009, showing…[10 marks]
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