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10 marksPartnership Financial Statements and Current Accounts

CSEC Principles of Accounts · May/June 2010 · Paper 2 · Question 2(b)

From the information in the Current Accounts, prepare the Appropriation of Profits Account for Angel and Karissa for the year ended December 31, 2009, showing clearly the net profit of the partnership.

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Other parts of this question

  1. 2(a)(i)Calculate and enter the interest on drawings to be charged to EACH partner in the Current Accounts.[3 marks]
  2. 2(a)(ii)Balance the Current Accounts of the partners, showing workings.[2 marks]
  3. 2(a)(iii)State the significance of BOTH balances brought down as at December 31, 2009.[2 marks]
  4. 2(a)(iv)State ONE possible reason why Angel and Karissa earn different salaries.[1 mark]
  5. 2(c)Calculate the capital invested by EACH partner, showing workings.[2 marks]

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