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13 marksPreparation of Corporate Financial Statements

CAPE Accounting Unit 1 · 2017 · Paper 2 · Question 2(b)(iv)

Trial balance and end-of-year adjustments for Audrey Cosmetics Ltd for the year ended 31 December 2016.

Prepare the statement of comprehensive income for the year to 31 December 2016 for Audrey Cosmetics Ltd in accordance with International Financial Reporting Standards as far as the information permits.

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Other parts of this question

  1. 2(a)(i)Prepare the Revaluation Account.[7 marks]
  2. 2(a)(ii)Prepare the partners' Capital Accounts of the old and the new firm.[9 marks]
  3. 2(b)(i)Distinguish between corporations and partnerships in terms of owners' liability for debts of the business.[2 marks]
  4. 2(b)(ii)Distinguish between corporations and partnerships in terms of transferability of ownership interest.[2 marks]
  5. 2(b)(iii)Distinguish between corporations and partnerships in terms of continuity of existence.[2 marks]

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