CSEC Principles of Accounts · January 2018 · Paper 2 · Question 2(c)

Two former factory employees, Parris and London, created a partnership agreeing to charge 10% interest on drawings and capital, and share any remaining profits equally. For the year ended 31 December 2017, the partnership earned a net income of 30 000. Incomplete current accounts show: Parris Drawings 18 000, Interest on capital 2 000; London Balance b/d 800 Dr, Drawings 1 100, Balance b/d 12 000 Cr, Interest on capital $3 000.

Draw up the Appropriation Account for the partnership of Parris and London for the year ended 31 December 2017.

This question uses a figure or table from the paper — you'll see it when you practise.