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2 marksPartnership Financial Statements and Current Accounts

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

Barney and Swiper are in partnership. Their current account balances before appropriation at 31 March 2015 were Barney 2 500 and Swiper (600).

State the significance of the brought down balance on EACH partner's current account.

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Other parts of this question

  1. 2(a)State TWO distinguishing features of a partnership.[2 marks]
  2. 2(c)Prepare the Profit and Loss Appropriation Account of Barney and Swiper for the year ended 31 March 2015.[9 marks]
  3. 2(d)Prepare the partners' Current Accounts on 31 March 2015, after the appropriation.[7 marks]

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