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  • 15 Marks

FA – Nov 2020 – L1 – SB – Q6b – Partnership Accounts

Prepare the revaluation account, partners' capital accounts, and the statement of financial position.

b. Emeka has been in business as a Japan spare part dealer. The last statement of financial position of his business as at September 30, 2019, is given below:

N’000 N’000
Equity
Capital 1,000
Retained earnings 130
1,130
Drawings (60)
1,070
Non-current assets:
PPE 1,100
Current assets:
Inventories 190
Trade payables 40
Bank 45
1,375 1,375

On October 1, 2019, he agreed with Bode to join him, and the new business will trade under the name and style EmBo Ventures.

Terms of the new business:

  1. Bode is to contribute capital of N1,250,000 for an equal share of profits.
  2. The firm will take over the assets and liabilities of Emeka at their book values, except for:
    • PPE: N1,250,000
    • Inventories: N175,000
  3. The partners will maintain equal capital, and any shortfall in Emeka’s capital should be made good by credit from revaluation or through additional funds.

Required:

Prepare for EmBo Ventures: i. Revaluation account (5 Marks)
ii. Partners’ capital accounts (5 Marks)
iii. Statement of financial position as at October 1, 2019 (5 Marks)

(Total: 15 Marks)

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  • 15 Marks

FA – May 2014 – L1 – SB – Q4 – Partnership Accounts

Admission of a new partner, profit sharing, and preparation of capital and current accounts.

Biggy and Smallie were in partnership, sharing profits and losses in the ratio 2:1. They agreed to admit Fanny into the partnership from 1 January 2012. Fanny is to introduce N140,000, out of which N130,000 is to be his fixed capital. He is to receive a commission of N30,000 per annum in addition to a share of profit. The new profit-sharing ratio is 2:2:1 to Biggy, Smallie, and Fanny, respectively. Other provisions of the Partnership Deed are:

(i) Debit balance in current accounts at the beginning of the year is to attract 5% interest.
(ii) Goodwill is valued at N150,000. No account for goodwill is to be retained in the partnership books.
(iii) Details of the existing partners’ fixed capital and current accounts for the purpose of the agreement are:

Partner Fixed Capital (N) Current Account (N)
Biggy 360,000 100,000
Smallie 240,000 (60,000) DR

(iv) The draft final accounts for the year ended 31 December 2012, before taking into account Fanny’s commission and interest on partners’ current accounts, revealed a profit of N347,000.
(v) The drawings made by the partners are:

Partner Drawings (N)
Biggy 95,000
Smallie 45,000
Fanny 73,900 (including commission)

You are required to prepare:

a. A statement showing the sharing of profit for the year ended 31 December 2012. (5 Marks)
b. The Partners’ capital and current accounts for the year ended 31 December 2012. (10 Marks)

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  • 20 Marks

FA – May 2018 – L1 – SB – Q5 – Partnership Accounts

Prepares the statement of financial position for the partnership formation between Yerima and Boluke.

Yerima and Boluke have been friends for some time, and they both had different businesses as sole traders. They decided to form a partnership with effect from May 1, 2017. Their respective financial positions on April 30, 2017, were as follows:

Partnership Agreement Details:
(i) Yerima: Premises were revalued at N30,000,000 to be used as an office annex, and equipment valued at N3,000,000 was counted as obsolete. Some customers were found unable to pay their outstanding debts, so N2,000,000 should be written off. The payables were paid out of the bank balance, and other assets were brought in at book value.

(ii) Boluke: Agreed to acquire additional equipment costing N3,000,000, pay his payables from his bank balance, repay his loan, and bring in other assets at book values.

Required:
a. Prepare the statement of financial position for the partnership of Yerima and Boluke as at May 1, 2017. (10 Marks)

b. State TEN provisions that should be contained in a partnership agreement. (10 Marks)
(Total: 20 Marks)

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  • 20 Marks

FA – Nov 2023 – L1 – SB – Q6 – Partnership Accounts

Perform partnership accounting involving profit sharing, and preparation of capital and current accounts.

ABO Partnership consists of three partners: Awka, Bwari, and Owo. The partnership agreement specifies that profits and losses are to be shared in the following manner:

  • Awka: 40%
  • Bwari: 30%
  • Owo: 30%

The following balances are extracted from the partnership’s statement of financial position as at September 30, 2023:

Account Amount (₦)
Cash 250,000
Account Receivables 400,000
Inventories 200,000
Furniture and Fittings (carrying amount) 250,000
Account Payables 120,000
Loan Notes 300,000

Additional Information:
i. During the year, the partnership earned a profit of ₦600,000. Interest on the loan notes is 10% per annum.

ii. Partners’ current account balances at the beginning of the year were:

  • Awka: ₦150,000 (Credit Balance)
  • Bwari: ₦100,000 (Debit Balance)
  • Owo: ₦50,000 (Credit Balance)

iii. Partners’ salaries are as follows:

  • Awka: ₦120,000
  • Bwari: ₦90,000
  • Owo: ₦90,000

iv. Transfers made during the year from current accounts to capital accounts:

  • Awka: ₦68,000
  • Bwari: ₦26,000
  • Owo: ₦26,000

Assume the initial capital accounts are established according to the agreed profit-sharing ratios.

Required:
a. Show how the profits of ABO Partnership for the year ended September 30, 2023, are shared among the partners.
(6 Marks)

b. Calculate the partners’ initial capital.
(5 Marks)

c. Prepare partners’ current accounts for ABO Partnership as of September 30, 2023.
(6 Marks)

d. Prepare partners’ capital accounts for ABO Partnership as of September 30, 2023.
(3 Marks)

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  • 20 Marks

FA – May 2023 – L1 – SB – Q4 – Partnership Accounts

Preparation of profit or loss appropriation accounts, partners’ current accounts, and statement of financial position for the partnership of Lag and Kase.

Lag and Kase were in partnership. Their first year of operation ended on December 31, 2018. On January 01, 2018, Lag made a cash contribution of N96,000,000 and a motor car valued at N28,000,000. The car cost N45,000,000 few years ago when it was purchased. Kase contributed N84,000,000 cash. The partnership constitution spelt out the following:

  1. Profit or loss sharing ratio shall be Lag 3, Kase 2.
  2. Interest on capital shall be 8% per annum.
  3. Interest on drawings shall be 6% per annum.
  4. A salary of N16,000,000 per annum shall be paid to Kase, who is an active partner.

During the year ended December 31, 2018, the business made a net profit of N58,000,000 before any appropriation and interest on a 10% N40,000,000 loan advanced by Lag to the business.

Drawings during the year were Lag N15,000,000 and Kase N18,000,000.

Required:

a. Prepare the profit or loss appropriation accounts for the year ended December 31, 2018. (8 Marks)

b. The partners’ current accounts for the year ended December 31, 2018. (5 Marks)

c. The partners’ capital accounts for the year ended December 31, 2018. (4 Marks)

d. The statement of financial position (extract) as at December 31, 2018. (3 Marks)

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  • 1 Marks

FA – May 2023 – L1 – SA – Q5 – Recording Financial Transactions

Calculating profit based on opening capital, closing capital, and drawings.

A business proprietor failed to maintain proper records, but you managed to ascertain that his opening capital, closing capital and drawings during the year were N225,000, N260,000 and N10,000 respectively. Determine the profit for the period.

A. N25,000

B. N45,000

C. N55,000

D. N65,000

E. N75,000

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  • 14 Marks

FA – May 2017 – L1 – SB – Q4b – Partnership Accounts

Prepare the capital accounts, cash account, and loan account upon the retirement of a partner and the statement of financial position of the new partnership.

Ade, Olu, and Kola are in partnership sharing profits in the ratio 3:2:1 respectively. On March 31, 2016, their statement of financial position showed:

Particulars Amount (₦’000) Amount (₦’000)
Capital accounts:
Ade 1,511
Olu 826
Kola 578
Current accounts:
Ade 1,008
Olu 551
Kola 386
Non-current assets:
Plant 1,361
Vehicle 907
Inventory 1,134
Current assets:
Receivables 1,758
Cash 550
Current liabilities: 850
Total: 5,710 5,710

On April 1, 2016, Ade retired and the following terms were agreed according to their partnership deed:

i. Goodwill was valued at ₦1,572,000 and was not to be retained in the books of the continuing partners. Olu and Kola agreed to continue sharing profits in the ratio 2:1 respectively and to maintain their current accounts.

ii. Ade should take a car with carrying amount of ₦456,000 at a valuation of ₦324,000.

iii. Ade should receive a cash payment of ₦405,000 and retain the balance in a loan account bearing interest at 12% per annum.

Required:

i. Prepare the capital accounts, cash account, and loan account in the books of the old partnership. (6 Marks)

ii. Prepare the statement of financial position of the new partnership as at April 1, 2016, after giving effect to the retirement of Ade. (8 Marks)

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  • 20 Marks

FA – May 2024 – L1 – SB – Q6 – Partnership Accounts

Admission of a new partner, accounting for goodwill and the partnership's capital accounts.

BIN Partnership is an existing partnership consisting of two partners, Bode and Igere, sharing profits and losses equally. On January 1, 2023, they decided to admit Ngor as a new partner into the partnership.

Additional Information: (i) The existing partnership’s statement of financial position before Ngor’s admission is as follows:

Capital: Property, plant, and equipment ₦2,400,000
Bode: ₦1,750,000 Inventory ₦700,000
Igere: ₦1,750,000 Accounts Receivable ₦900,000
Loan Notes: ₦1,000,000 Cash ₦800,000
Accounts Payable: ₦300,000
Total Liabilities: ₦4,800,000 Total Assets: ₦4,800,000

(ii) Goodwill of the partnership is valued at ₦200,000.
(iii) Ngor invests ₦1,500,000 in cash and acquires a 30% share in the partnership’s profits and losses.
(iv) ₦600,000 from the cash contributed by Ngor will be used to reduce the existing partnership’s long-term liabilities.
(v) The partnership follows a policy of not recording goodwill on its financial statements.

Required: a. In the books of BIN partnership, prepare the following to give effect to the admission of Ngor:

  • i. Goodwill account (2 Marks)
  • ii. Partners’ capital accounts (4 Marks)
  • iii. Statement of financial position after the admission of Ngor (10 Marks)

b. Discuss two methods of goodwill valuation in a partnership. (4 Marks)

(Total 20 Marks)

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  • 15 Marks

FR – Nov 2018 – L2 – Q5a – Preparation of Financial Statements

Preparation of partners' capital accounts and statement of financial position after changes in a partnership.

Alex, Dennis, and Francis have been in partnership business for several years, sharing profits in the ratio 6:5:3, respectively. The statement of financial position of the partnership as at 31 March 2018 showed the following position:

Statement of Financial Position as at 31 March 2018 GH¢ GH¢
Capital Accounts:
Alex 50,000
Dennis 36,000
Francis 17,400
Sundry Payables 135,200
Total 238,600
Tangible Non-current Assets 44,800
Goodwill 25,900
Sundry Receivables 147,000
Bank Balance 20,900
Total 238,600

Additional Information:
On 31 March 2018, Alex retired from the partnership, and the remaining partners agreed to admit George as a partner under the following terms:

  • Goodwill in the old partnership was to be revalued to two years’ purchase of the average profits over the last three years. The profits for the last three years were GH¢24,800, GH¢27,200, and GH¢28,010. Goodwill was to be written off in the new partnership.
  • Alex was to take his car out of the partnership assets at an agreed value of GH¢2,000. The car had been included in the accounts as of 31 March 2018 at a written-down value of GH¢1,188.
  • The new partnership, comprising Dennis, Francis, and George, was to share profits in the ratio 5:3:2, respectively, with an initial capital of GH¢50,000 subscribed in the profit-sharing ratio.
  • Dennis, Francis, and George were each to pay Alex GH¢10,000 out of their personal resources in part repayment of his share of the partnership.
  • Alex was to lend George any amount required to make up his capital in the firm from the monies due to him, and any further balance due to Alex was to be left in the new partnership as a loan, bearing interest at 20% per annum. Any adjustments required to the capital accounts of Dennis and Francis were to be paid into or withdrawn from the partnership bank account.

Required:
i. Prepare the partners’ capital accounts, in columnar form, reflecting the adjustments required on the change in partnership.
(5 marks)

ii. Prepare the statement of financial position on completion.
(5 marks)

iii. For registration of partnership to be effected, there shall be sent to the Registrar a copy of the partnership agreement and a statement on a prescribed form signed by all the partners. Outline the main contents of the statement on the prescribed form.
(2 marks)

iv. In accordance with the Incorporated Private Partnership Act 1962 (Act 152), state THREE (3) grounds upon which the Registrar General’s Department may refuse to register a partnership business.
(3 marks)

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  • 15 Marks

FA – Nov 2020 – L1 – SB – Q6b – Partnership Accounts

Prepare the revaluation account, partners' capital accounts, and the statement of financial position.

b. Emeka has been in business as a Japan spare part dealer. The last statement of financial position of his business as at September 30, 2019, is given below:

N’000 N’000
Equity
Capital 1,000
Retained earnings 130
1,130
Drawings (60)
1,070
Non-current assets:
PPE 1,100
Current assets:
Inventories 190
Trade payables 40
Bank 45
1,375 1,375

On October 1, 2019, he agreed with Bode to join him, and the new business will trade under the name and style EmBo Ventures.

Terms of the new business:

  1. Bode is to contribute capital of N1,250,000 for an equal share of profits.
  2. The firm will take over the assets and liabilities of Emeka at their book values, except for:
    • PPE: N1,250,000
    • Inventories: N175,000
  3. The partners will maintain equal capital, and any shortfall in Emeka’s capital should be made good by credit from revaluation or through additional funds.

Required:

Prepare for EmBo Ventures: i. Revaluation account (5 Marks)
ii. Partners’ capital accounts (5 Marks)
iii. Statement of financial position as at October 1, 2019 (5 Marks)

(Total: 15 Marks)

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  • 15 Marks

FA – May 2014 – L1 – SB – Q4 – Partnership Accounts

Admission of a new partner, profit sharing, and preparation of capital and current accounts.

Biggy and Smallie were in partnership, sharing profits and losses in the ratio 2:1. They agreed to admit Fanny into the partnership from 1 January 2012. Fanny is to introduce N140,000, out of which N130,000 is to be his fixed capital. He is to receive a commission of N30,000 per annum in addition to a share of profit. The new profit-sharing ratio is 2:2:1 to Biggy, Smallie, and Fanny, respectively. Other provisions of the Partnership Deed are:

(i) Debit balance in current accounts at the beginning of the year is to attract 5% interest.
(ii) Goodwill is valued at N150,000. No account for goodwill is to be retained in the partnership books.
(iii) Details of the existing partners’ fixed capital and current accounts for the purpose of the agreement are:

Partner Fixed Capital (N) Current Account (N)
Biggy 360,000 100,000
Smallie 240,000 (60,000) DR

(iv) The draft final accounts for the year ended 31 December 2012, before taking into account Fanny’s commission and interest on partners’ current accounts, revealed a profit of N347,000.
(v) The drawings made by the partners are:

Partner Drawings (N)
Biggy 95,000
Smallie 45,000
Fanny 73,900 (including commission)

You are required to prepare:

a. A statement showing the sharing of profit for the year ended 31 December 2012. (5 Marks)
b. The Partners’ capital and current accounts for the year ended 31 December 2012. (10 Marks)

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  • 20 Marks

FA – May 2018 – L1 – SB – Q5 – Partnership Accounts

Prepares the statement of financial position for the partnership formation between Yerima and Boluke.

Yerima and Boluke have been friends for some time, and they both had different businesses as sole traders. They decided to form a partnership with effect from May 1, 2017. Their respective financial positions on April 30, 2017, were as follows:

Partnership Agreement Details:
(i) Yerima: Premises were revalued at N30,000,000 to be used as an office annex, and equipment valued at N3,000,000 was counted as obsolete. Some customers were found unable to pay their outstanding debts, so N2,000,000 should be written off. The payables were paid out of the bank balance, and other assets were brought in at book value.

(ii) Boluke: Agreed to acquire additional equipment costing N3,000,000, pay his payables from his bank balance, repay his loan, and bring in other assets at book values.

Required:
a. Prepare the statement of financial position for the partnership of Yerima and Boluke as at May 1, 2017. (10 Marks)

b. State TEN provisions that should be contained in a partnership agreement. (10 Marks)
(Total: 20 Marks)

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  • 20 Marks

FA – Nov 2023 – L1 – SB – Q6 – Partnership Accounts

Perform partnership accounting involving profit sharing, and preparation of capital and current accounts.

ABO Partnership consists of three partners: Awka, Bwari, and Owo. The partnership agreement specifies that profits and losses are to be shared in the following manner:

  • Awka: 40%
  • Bwari: 30%
  • Owo: 30%

The following balances are extracted from the partnership’s statement of financial position as at September 30, 2023:

Account Amount (₦)
Cash 250,000
Account Receivables 400,000
Inventories 200,000
Furniture and Fittings (carrying amount) 250,000
Account Payables 120,000
Loan Notes 300,000

Additional Information:
i. During the year, the partnership earned a profit of ₦600,000. Interest on the loan notes is 10% per annum.

ii. Partners’ current account balances at the beginning of the year were:

  • Awka: ₦150,000 (Credit Balance)
  • Bwari: ₦100,000 (Debit Balance)
  • Owo: ₦50,000 (Credit Balance)

iii. Partners’ salaries are as follows:

  • Awka: ₦120,000
  • Bwari: ₦90,000
  • Owo: ₦90,000

iv. Transfers made during the year from current accounts to capital accounts:

  • Awka: ₦68,000
  • Bwari: ₦26,000
  • Owo: ₦26,000

Assume the initial capital accounts are established according to the agreed profit-sharing ratios.

Required:
a. Show how the profits of ABO Partnership for the year ended September 30, 2023, are shared among the partners.
(6 Marks)

b. Calculate the partners’ initial capital.
(5 Marks)

c. Prepare partners’ current accounts for ABO Partnership as of September 30, 2023.
(6 Marks)

d. Prepare partners’ capital accounts for ABO Partnership as of September 30, 2023.
(3 Marks)

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  • 20 Marks

FA – May 2023 – L1 – SB – Q4 – Partnership Accounts

Preparation of profit or loss appropriation accounts, partners’ current accounts, and statement of financial position for the partnership of Lag and Kase.

Lag and Kase were in partnership. Their first year of operation ended on December 31, 2018. On January 01, 2018, Lag made a cash contribution of N96,000,000 and a motor car valued at N28,000,000. The car cost N45,000,000 few years ago when it was purchased. Kase contributed N84,000,000 cash. The partnership constitution spelt out the following:

  1. Profit or loss sharing ratio shall be Lag 3, Kase 2.
  2. Interest on capital shall be 8% per annum.
  3. Interest on drawings shall be 6% per annum.
  4. A salary of N16,000,000 per annum shall be paid to Kase, who is an active partner.

During the year ended December 31, 2018, the business made a net profit of N58,000,000 before any appropriation and interest on a 10% N40,000,000 loan advanced by Lag to the business.

Drawings during the year were Lag N15,000,000 and Kase N18,000,000.

Required:

a. Prepare the profit or loss appropriation accounts for the year ended December 31, 2018. (8 Marks)

b. The partners’ current accounts for the year ended December 31, 2018. (5 Marks)

c. The partners’ capital accounts for the year ended December 31, 2018. (4 Marks)

d. The statement of financial position (extract) as at December 31, 2018. (3 Marks)

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  • 1 Marks

FA – May 2023 – L1 – SA – Q5 – Recording Financial Transactions

Calculating profit based on opening capital, closing capital, and drawings.

A business proprietor failed to maintain proper records, but you managed to ascertain that his opening capital, closing capital and drawings during the year were N225,000, N260,000 and N10,000 respectively. Determine the profit for the period.

A. N25,000

B. N45,000

C. N55,000

D. N65,000

E. N75,000

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  • 14 Marks

FA – May 2017 – L1 – SB – Q4b – Partnership Accounts

Prepare the capital accounts, cash account, and loan account upon the retirement of a partner and the statement of financial position of the new partnership.

Ade, Olu, and Kola are in partnership sharing profits in the ratio 3:2:1 respectively. On March 31, 2016, their statement of financial position showed:

Particulars Amount (₦’000) Amount (₦’000)
Capital accounts:
Ade 1,511
Olu 826
Kola 578
Current accounts:
Ade 1,008
Olu 551
Kola 386
Non-current assets:
Plant 1,361
Vehicle 907
Inventory 1,134
Current assets:
Receivables 1,758
Cash 550
Current liabilities: 850
Total: 5,710 5,710

On April 1, 2016, Ade retired and the following terms were agreed according to their partnership deed:

i. Goodwill was valued at ₦1,572,000 and was not to be retained in the books of the continuing partners. Olu and Kola agreed to continue sharing profits in the ratio 2:1 respectively and to maintain their current accounts.

ii. Ade should take a car with carrying amount of ₦456,000 at a valuation of ₦324,000.

iii. Ade should receive a cash payment of ₦405,000 and retain the balance in a loan account bearing interest at 12% per annum.

Required:

i. Prepare the capital accounts, cash account, and loan account in the books of the old partnership. (6 Marks)

ii. Prepare the statement of financial position of the new partnership as at April 1, 2016, after giving effect to the retirement of Ade. (8 Marks)

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  • 20 Marks

FA – May 2024 – L1 – SB – Q6 – Partnership Accounts

Admission of a new partner, accounting for goodwill and the partnership's capital accounts.

BIN Partnership is an existing partnership consisting of two partners, Bode and Igere, sharing profits and losses equally. On January 1, 2023, they decided to admit Ngor as a new partner into the partnership.

Additional Information: (i) The existing partnership’s statement of financial position before Ngor’s admission is as follows:

Capital: Property, plant, and equipment ₦2,400,000
Bode: ₦1,750,000 Inventory ₦700,000
Igere: ₦1,750,000 Accounts Receivable ₦900,000
Loan Notes: ₦1,000,000 Cash ₦800,000
Accounts Payable: ₦300,000
Total Liabilities: ₦4,800,000 Total Assets: ₦4,800,000

(ii) Goodwill of the partnership is valued at ₦200,000.
(iii) Ngor invests ₦1,500,000 in cash and acquires a 30% share in the partnership’s profits and losses.
(iv) ₦600,000 from the cash contributed by Ngor will be used to reduce the existing partnership’s long-term liabilities.
(v) The partnership follows a policy of not recording goodwill on its financial statements.

Required: a. In the books of BIN partnership, prepare the following to give effect to the admission of Ngor:

  • i. Goodwill account (2 Marks)
  • ii. Partners’ capital accounts (4 Marks)
  • iii. Statement of financial position after the admission of Ngor (10 Marks)

b. Discuss two methods of goodwill valuation in a partnership. (4 Marks)

(Total 20 Marks)

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  • 15 Marks

FR – Nov 2018 – L2 – Q5a – Preparation of Financial Statements

Preparation of partners' capital accounts and statement of financial position after changes in a partnership.

Alex, Dennis, and Francis have been in partnership business for several years, sharing profits in the ratio 6:5:3, respectively. The statement of financial position of the partnership as at 31 March 2018 showed the following position:

Statement of Financial Position as at 31 March 2018 GH¢ GH¢
Capital Accounts:
Alex 50,000
Dennis 36,000
Francis 17,400
Sundry Payables 135,200
Total 238,600
Tangible Non-current Assets 44,800
Goodwill 25,900
Sundry Receivables 147,000
Bank Balance 20,900
Total 238,600

Additional Information:
On 31 March 2018, Alex retired from the partnership, and the remaining partners agreed to admit George as a partner under the following terms:

  • Goodwill in the old partnership was to be revalued to two years’ purchase of the average profits over the last three years. The profits for the last three years were GH¢24,800, GH¢27,200, and GH¢28,010. Goodwill was to be written off in the new partnership.
  • Alex was to take his car out of the partnership assets at an agreed value of GH¢2,000. The car had been included in the accounts as of 31 March 2018 at a written-down value of GH¢1,188.
  • The new partnership, comprising Dennis, Francis, and George, was to share profits in the ratio 5:3:2, respectively, with an initial capital of GH¢50,000 subscribed in the profit-sharing ratio.
  • Dennis, Francis, and George were each to pay Alex GH¢10,000 out of their personal resources in part repayment of his share of the partnership.
  • Alex was to lend George any amount required to make up his capital in the firm from the monies due to him, and any further balance due to Alex was to be left in the new partnership as a loan, bearing interest at 20% per annum. Any adjustments required to the capital accounts of Dennis and Francis were to be paid into or withdrawn from the partnership bank account.

Required:
i. Prepare the partners’ capital accounts, in columnar form, reflecting the adjustments required on the change in partnership.
(5 marks)

ii. Prepare the statement of financial position on completion.
(5 marks)

iii. For registration of partnership to be effected, there shall be sent to the Registrar a copy of the partnership agreement and a statement on a prescribed form signed by all the partners. Outline the main contents of the statement on the prescribed form.
(2 marks)

iv. In accordance with the Incorporated Private Partnership Act 1962 (Act 152), state THREE (3) grounds upon which the Registrar General’s Department may refuse to register a partnership business.
(3 marks)

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