Quelpr
2 marksLimited Liability Companies

CSEC Principles of Accounts · January 2017 · Paper 2 · Question 7(b)(iii)

For the year ended 31 December 2016, profit before debenture interest was 191,000. Fern and Willis agreed to retain 100,000 for asset replacement, pay all preference dividends, and pay 30 cents per ordinary share in dividends.

List FOUR items which will appear in the Capital section of F and W's Statement of Financial Position as at 31 December 2016.

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Other parts of this question

  1. 7(a)(i)List TWO advantages of creating a limited liability company rather than a partnership.[2 marks]
  2. 7(a)(ii)List TWO disadvantages of creating a limited liability company rather than a partnership.[2 marks]
  3. 7(b)(i)Prepare F and W's Bank Account to show the balance of receipts and payments as at 1 January 2016.[5 marks]
  4. 7(b)(ii)Prepare the detailed Appropriation Account for F and W Company Limited for the year ended 31 December 2016, showing all working clearly.[9 marks]

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