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FA – Nov 2024 – L1 – Q1 – Partnership Financial Statements

Prepare the profit or loss and appropriation account and financial position statement for a partnership at retirement and admission of partners.

Question

Atsu, Baba, and Chawe are in partnership, providing management services, sharing profits in the ratio 5:3:2 after charging annual salaries of GH¢18,000 each. Current accounts are not maintained. On 30 June 2024, Atsu retired.

Dua was admitted on 1 July 2024 to the partnership and is entitled to 30% of the profits of the current partnership, with the balance being shared equally between Baba and Chawe.

The previous partnership trial balance as of 30 June 2024 was as follows:

Description	GH¢	GH¢
Capital accounts – Atsu		12,519
Capital accounts – Baba		65,844
Capital accounts – Chawe		33,618
Trade receivables	138,615
Inventories at 1 July 2023	6,000
Operating expenses	419,166
Investment	300
Bank overdraft		33,510
Trade payables		52,218
Revenue		565,296
Total	663,543	663,543

Additional Information:

Inventory remains at GH¢6,000.
Full provision is required for an irrecoverable debt of GH¢3,450.
Adjustments agreed by partners:
- The investment is to be included at GH¢4,500.
- Goodwill, which remains in the books, is valued at GH¢72,000.
On 1 July 2024, GH¢30,000 due to Atsu was transferred to Dua. The balance due to Atsu is to be repaid over three years, commencing on 1 July 2024.
Dua introduced cash of GH¢22,500 to the partnership.

Required:
i) Prepare the statement of profit or loss and appropriation account of the previous partnership for the year ended 30 June 2024 and a statement of financial position at that date. (9 marks)
ii) Prepare the statement of financial position for the current partnership as of 1 July 2024. (6 marks)

Answer

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Tags: Appropriation, Capital Accounts, Financial Position, Goodwill, Partnership, Profit or Loss
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: Nov 2024

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

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

Question

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:

Bode is to contribute capital of N1,250,000 for an equal share of profits.
The firm will take over the assets and liabilities of Emeka at their book values, except for:
- PPE: N1,250,000
- Inventories: N175,000
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)

Answer

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Tags: Capital Accounts, Partnership, Revaluation, Statement of Financial Position
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2020

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

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

Question

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)

Answer

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Tags: Capital Accounts, Current Accounts, Partnership Admission, Profit Sharing
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2014

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

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

Question

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)

Answer

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Tags: Capital Accounts, Partnership, Revaluation
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2018

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

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

Question

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)

Answer

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Tags: Capital Accounts, Current Accounts, Partnership Accounting, Partnership Profit Sharing
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2023

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.

Question

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:

Profit or loss sharing ratio shall be Lag 3, Kase 2.
Interest on capital shall be 8% per annum.
Interest on drawings shall be 6% per annum.
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)

Answer

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Tags: Capital Accounts, Current Accounts, Partnership, Profit Sharing
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2023

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

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

Question

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

Answer

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Tags: Capital Accounts, Profit Calculation
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2023

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.

Question

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)

Answer

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Tags: Capital Accounts, Goodwill Adjustment, Partnership Accounting, Retirement of Partner
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2017

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

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

Question

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)

Answer

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Tags: Capital Accounts, Financial Statements, Goodwill, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2024

FR – Nov 2016 – L2 – Q5a – Preparation of Financial Statements

Prepare the Realisation accounts and Partners' capital accounts for Santasi, Patasi, Bremang, and Asafo on amalgamation.

Question

Santasi and Patasi are in partnership sharing profits and losses in the ratio 3:2. They decided to amalgamate their firm with that of another partnership, Bremang and Asafo, as at 30 June 2015. Bremang and Asafo share profits and losses in the ratio 2:1.

The following were their statements of financial position as at that date:

Additional Information:
The terms of the amalgamation, concluded on 30 June 2015, were as follows:

Profits and losses were to be shared in the ratio of Santasi: Patasi: Bremang: Asafo = 2:2:1:1 respectively.
The values of goodwill of the two firms were agreed to be valued at two years’ purchase of the average profits of the last four accounting years to the year of amalgamation. No goodwill account is to be maintained in the books.
- Profits for the last five years (GH¢’000):

Year	Santasi & Patasi	Bremang & Asafo
2015	1,050	910
2014	910	820
2013	1,020	670
2012	950	450
2011	800	320

The new firm was to take over all the assets and liabilities of Santasi and Patasi. The following assets were revalued:
- Buildings: GH¢14,400,000
- Plant & Equipment: GH¢10,400,000
- Inventory: GH¢8,500,000
- Trade Receivables: GH¢5,000,000
The new firm was to take over all the assets and liabilities of Bremang and Asafo at the following agreed values:
- Plant & Equipment: GH¢9,500,000
- Inventory: GH¢9,900,000
- Trade Receivables: GH¢4,900,000
The capital of the new firm was to be GH¢60,000,000, contributed according to their profit and loss sharing ratio. The balance due to or from the partners will be settled through the bank account of the new firm.

Required:

Prepare the Realisation account in the books of each of the old firms as at 30 June 2015.
Prepare the partners’ capital accounts in a columnar form, for the period to 1 July 2015.

Answer

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Tags: Capital Accounts, Partnership Accounting, Partnership Amalgamation, Realisation Account
Level: Level 2

Topic: Preparation of Financial Statements
Series: NOV 2016

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

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

Question

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)

Answer

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Tags: Capital Accounts, Financial Position, Goodwill, Partnership
Level: Level 2

Topic: Preparation of Financial Statements
Series: NOV 2018

FA – Mar 2024 – L1 – Q2b – Preparation of Partnership accounts

Prepare the capital accounts for Armah, Siameh, and Benya following the admission of a new partner.

Question

Armah and Siameh were in partnership and shared profits and losses in the ratio of 3:2 respectively. The balances on the partners’ capital accounts at July 1, 2022, were: Armah GH¢187,500, Siameh GH¢300,000.

Due to expansion of their business, Benya was admitted as a partner on October 1, 2022, under the following arrangements:

i) The new profit-sharing ratio between Armah, Siameh, and Benya would be 35%, 35%, and 30% respectively.

ii) Benya was to introduce capital of GH¢375,000 but was unable to bring cash into the business immediately. Instead, he contributed his share of goodwill of GH¢180,000.

iii) Goodwill was valued at GH¢450,000 and was to be written off immediately after Benya’s admission. The existing partners agreed that goodwill should not be retained in the books of the partnership.

Required:

Prepare the partners’ capital accounts to reflect the admission of Benya into the partnership. (10 marks)

Answer

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Tags: Capital Accounts, Goodwill, Partnership Accounts, Profit Sharing
Level: Level 1

Topic: Preparation of Partnership accounts
Series: MAR 2024

FA – Nov 2020 – L1 – Q2 – Control accounts and account reconciliations | Preparation of Partnership accounts

Question on preparing receivables and payables ledger control accounts and the opening statement of financial position for a new partnership.

Question

a) At the close of business on 31 July 2019, the following balances were extracted from the books of Kwabena Ltd, a limited liability company:

Account	Amount (GH¢)
Receivables ledger control account	47,600
Payables ledger control account	37,400

During the month of August, the following transactions occurred:

Transaction	Amount (GH¢)
Cash received from customers	31,800
Cash paid to suppliers	32,500
Sales on credit	48,200
Purchases on credit	36,500
Sales returns	1,900
Purchase returns	700
Discounts received from suppliers	400
Settlement discount claimed by customer	300
Bad debts written off	2,700
Customer and supplier accounts settled by contra	2,100

Required:
Prepare the receivables ledger control account and payables ledger control account for the month of August 2019 and hence determine the balances as at 31 August 2019.
(8 marks)

b) Makor, Degbe, and Sesenyo were in partnership sharing profits one-half, one-third, and one-sixth respectively. On 1 January 2019, they admitted Asinyo into the partnership on the following terms:

Asinyo to have one-sixth share which he purchased from Makor, paying her GH¢20,000 for that share of goodwill. Of this amount, Makor retained GH¢15,000 and put the balance into the firm as additional capital. Asinyo also brought GH¢12,500 capital into the firm.
It was agreed that the investments should be reduced to their market value of GH¢9,000 and that the plant should be reduced to GH¢14,500 as at 31 December 2018.

The Statement of Financial Position of the old firm as at 31 December 2018 was as follows:

Required:
i) Prepare the opening statement of financial position of the new firm as at 1 January 2019.
(6 marks)

ii) Prepare the capital accounts of the partners for the year to 31 December 2019.
(6 marks)

Answer

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Tags: Capital Accounts, Control Accounts, Goodwill, Partnership, Payables, Receivables
Level: Level 1

Topic: Control accounts and account reconciliations, Preparation of Partnership accounts
Series: NOV 2020

FA – Nov 2017 – L1 – Q7 – Preparation of Partnership accounts

Prepare the partners' appropriation account, capital accounts, current accounts, and explain advantages and disadvantages of partnership business.

Question

Moon, Sun and Star are in partnership with an agreement to share profits and losses in the ratio
of 3:2:1.
They also agreed the following terms:
i) Interest on capital is agreed at 12% per annum.
ii) Star is to receive a salary of GH¢8,400 per annum.
iii) Interest is to be charged on drawings at the rate of 5% on balances at the end of the year.
iv) The interest on Moon loan is 5% per annum.

The Statement of Financial Position of the partnership as at 31 December 2015 revealed the following:

Capital accounts balances	GH¢’000	GH¢’000
Moon	28,000
Sun	11,200
Star	8,400	47,600

Current Accounts balances	GH¢’000	GH¢’000
Moon	4,900
Sun	(980)
Star	2,520	6,440

Loan account (Moon)		8,400
Capital Employed		62,440

Drawings made during the year to 31 December 2015 were as follows:

	GH¢’000
Moon	8,400
Sun	5,600
Star	9,800

The net profit for the year 31 December 2015 was GH¢34,342,000 before deducting loan
interest.
Required:
a) Prepare the partners appropriation account for the year ended 31 December 2015.
(5 marks)
b) Prepare partners’ capital accounts for the year ended 31 December 2015
c) Prepare partners’ current accounts for the year ended 31 December 2015. (5 marks)
d) i) State THREE advantages of a partnership business (3 marks)
ii) List TWO demerits of a partnership business.

Answer

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Tags: Appropriation Account, Capital Accounts, Current Accounts, Partnership Accounts
Level: Level 1

Topic: Preparation of Partnership accounts
Series: NOV 2017

Question Tag: Capital Accounts

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FA – Nov 2024 – L1 – Q1 – Partnership Financial Statements

Prepare the profit or loss and appropriation account and financial position statement for a partnership at retirement and admission of partners.

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

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

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

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

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

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

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

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

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.

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

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

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.

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

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

FR – Nov 2016 – L2 – Q5a – Preparation of Financial Statements

Prepare the Realisation accounts and Partners' capital accounts for Santasi, Patasi, Bremang, and Asafo on amalgamation.

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

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

FA – Mar 2024 – L1 – Q2b – Preparation of Partnership accounts

Prepare the capital accounts for Armah, Siameh, and Benya following the admission of a new partner.

FA – Nov 2020 – L1 – Q2 – Control accounts and account reconciliations | Preparation of Partnership accounts

Question on preparing receivables and payables ledger control accounts and the opening statement of financial position for a new partnership.

FA – Nov 2017 – L1 – Q7 – Preparation of Partnership accounts

Prepare the partners' appropriation account, capital accounts, current accounts, and explain advantages and disadvantages of partnership business.

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