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7 marksChanges in Ownership and Capital Structure

CAPE Accounting Unit 1 · 2017 · Paper 2 · Question 2(a)(i)

Partnership of Audrey, Camille, and Robert (profit sharing ratio 3:2:1) with Audrey retiring on 31 December 2015, asset takeovers, revaluations, and goodwill adjustment.

Prepare the Revaluation Account.

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Other parts of this question

  1. 2(a)(ii)Prepare the partners' Capital Accounts of the old and the new firm.[9 marks]
  2. 2(b)(i)Distinguish between corporations and partnerships in terms of owners' liability for debts of the business.[2 marks]
  3. 2(b)(ii)Distinguish between corporations and partnerships in terms of transferability of ownership interest.[2 marks]
  4. 2(b)(iii)Distinguish between corporations and partnerships in terms of continuity of existence.[2 marks]
  5. 2(b)(iv)Prepare the statement of comprehensive income for the year to 31 December 2016 for Audrey Cosmetics Ltd in accordance with International Financial Reporting…[13 marks]

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