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7 marksThe Balance Sheet and Accounting Equation

CSEC Principles of Accounts · May/June 2012 · Paper 2 · Question 4(a)(ii)

Sole traders P and G agree to form a partnership, PG Enterprises, on 1 May 2012, contributing their existing business assets and liabilities.

Prepare a classified summarized Balance Sheet for PG Enterprises as at 1 May 2012, using the order of permanence.

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Other parts of this question

  1. 4(a)(i)Prepare individual opening entries as at 1 May 2012 to record each sole trader's contribution to the partnership.[7 marks]
  2. 4(b)(i)Calculate each partner's share of profit in the capital sharing ratio, showing all working.[2 marks]
  3. 4(b)(ii)Calculate each partner's share of profit in the ratio 3:7, showing all working.[2 marks]
  4. 4(c)List TWO features, other than the profit sharing ratio, that should be included in P and G's partnership agreement.[2 marks]

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