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3 marksPartnership Formation and Capital Accounts

CSEC Principles of Accounts · January 2012 · Paper 2 · Question 2(a)

On 1 January 2012, Partner A provided Partner B with financial and partnership agreement information for the period ended 31 December 2011.

Identify THREE items from the provided list that would be found in Partner A and Partner B's partnership agreement.

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Other parts of this question

  1. 2(b)Prepare the Income Statement for Partners A and B for the period ended 31 December 2011.[8 marks]
  2. 2(c)Prepare the Appropriation Account for the partnership for the period ended 31 December 2011.[8 marks]
  3. 2(d)Calculate how much more cash, if any, Partner B can withdraw from the business without taking away from his capital, showing your working.[1 mark]

More practice: the rest of this paper · more Partnership Formation and Capital Accounts questions · all CSEC Principles of Accounts past papers