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Partnership accounts

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Cambridge O Level Partnership Accounts 1 Accounting with Sanjaya Sir Partnership Accounts Sanjaya Jayasundara B.Sc.(Finance) Sp. University of Sri Jayewardenepura, Investment Advisor, International School Teacher
Cambridge O Level Partnership Accounts 2 Accounting with Sanjaya Sir Content Introduction. The advantages and disadvantages of Partnership Partnership Agreement Loans from Partners Profit and Loss Appropriation Account Capital Accounts & Current Accounts Statement of Financial Position Past paper questions. Model question. Syllabus according to Cambridge 6.4.2 Partnership • explain the advantages and disadvantages of forming a partnership • outline the importance and contents of a partnership agreement • explain the purpose of an appropriation account • prepare income statements, appropriation accounts and statements of financial position • explain the uses of and differences between equity (capital) and current accounts • draw up partners’ current and capital accounts both in ledger form and as part of a statement of financial position presentation • show the treatment of interest on capital, partners’ salaries, interest on partners’ loans and on drawings • make simple entries for the formation of a partnership via capital contribution by each partner in cash and/or non-cash assets and amalgamation of two sole traders, including the calculation and recording of intangible assets • make the other adjustments as detailed under 6.4.1 as appropriate (• make adjustments for provision for depreciation using the straight-line, diminishing (reducing) balance and revaluation methods • make adjustments for provisions for bad and doubtful debts • make adjustments for other payables and other receivables to take account of accrued and prepaid expenses and outstanding and prepaid income • make adjustments for goods taken by owner/s for own use) Questions will not be set on the dissolution of partnership.
Cambridge O Level Partnership Accounts 3 Accounting with Sanjaya Sir Introduction. …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… The Advantages & Disadvantages of Partnership Businesses Advantages Disadvantages Partnership Agreement …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
Cambridge O Level Partnership Accounts 4 Accounting with Sanjaya Sir Important areas in Partnership Agreement relating to the Accounting Amount of capital invested by each partner How profits and losses are to be shared If interest on partners’ capital is to be paid, if so, at what rate. If partners’ salaries are to be paid, and if so, what amount. If an upper limit is to be placed on partners’ drawings, and if so what amount. If interest on partners’ drawings is to be charged, and if so, at what rate. If interest on partners’ loans is to be paid, and if so, at what rate. Loans from Partners …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… When a loan is obtained from a partner …………………………………………………………………………………………………………………………………………………………… When a loan is repaid to a partner …………………………………………………………………………………………………………………………………………………………… Relevant Interest amount on loan ……………………………………………………………………………………………………………………………………………………………
Cambridge O Level Partnership Accounts 5 Accounting with Sanjaya Sir Profit and Loss Appropriation Account …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… General Structure of Appropriation Account ………………………………………………………………(Business Name) Appropriation Account for the ……………… (period) ended ……………..(period end date) $ $
Cambridge O Level Partnership Accounts 6 Accounting with Sanjaya Sir Current Accounts in a Partnership …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… General Structure of a Current Account A ($) B ($) A($) B ($) …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… Capital Accounts in a Partnership …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
Cambridge O Level Partnership Accounts 7 Accounting with Sanjaya Sir Statement of Financial Position …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ………………………………………………………………(Business Name) Statement of Financial Position as at …………………………………………(period end date) A ($) B ($) Total ($)
Cambridge O Level Partnership Accounts 8 Accounting with Sanjaya Sir Past Paper Questions October/November 2017 – Paper 2 – Variant 22 5 Jian and Shen are in partnership sharing profits and losses in the ratio 3:1. Interest is allowed on capital at the rate of 5% per annum and is charged on drawings (excluding salaries) at the rate of 10%. A salary is paid to Shen of $5000 per annum. The following balances were extracted from the books on 30 June 2017: Leasehold buildings (cost) $ 120 000 Motor vehicles (cost) 40 000 Office fixtures (cost) 18 000 Provisions for depreciation 30 000 Leasehold buildings Motor vehicles 10 000 Office fixtures 4 000 Capital accounts 70 000 Jian Shen 50 000 Current accounts 500 Debit Jian Shen 900 Debit Drawings 8 000 Jian Shen 6 000 8% Bank loan (repayable 2025) 50 000 Bank loan interest paid 2 500 Trade receivables 63 500 Trade payables 23 150 Bank overdraft 10 600 Provision for doubtful debts 2 000 Revenue 520 000 Inventory at 1 July 2016 37 800 Purchases 314 000 Returns from customers 10 300 Returns to suppliers 8 200 Carriage 12 550 Wages and salaries 87 500 Electricity and water 8 450 General expenses 28 850 Motor vehicle expenses 19 100 Additional information 1 Inventory at 30 June 2017 was valued at $42 900. 2 At 30 June 2017: Electricity and water, $1150, were accrued Motor vehicle expenses, $200, were prepaid
Cambridge O Level Partnership Accounts 9 Accounting with Sanjaya Sir 3 The partner’s salary had been paid to Shen. This had been posted to the wages and salaries account. 4 The carriage included $3000 for the collection of purchases. The remainder was for delivery to customers. 5 Office fixtures costing $2000 and with an accumulated depreciation of $1500 had been sold for $500. A cheque was received on 20 June 2017. No entries had been recorded in the books. 6 Depreciation is to be charged on all non-current assets owned at the end of each year. a. Leasehold buildings are held on a 20-year lease. An appropriate amount is to be written off the lease. b. Motor vehicles are depreciated at the rate of 25% per annum using the diminishing (reducing) balance method. c. Office fixtures are depreciated at the rate of 10% per annum using the straight-line method. 7 Trade receivables include a debt of $3500 which is considered irrecoverable. The provision for doubtful debts is to be increased to $5000. …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… REQUIRED (a) Prepare the income statement and appropriation account for the year ended 30 June 2017.
Cambridge O Level Partnership Accounts 10 Accounting with Sanjaya Sir Jian and Shen (b) Income Statement and Appropriation Account for the year ended 30 June 2017 $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... ....................
Cambridge O Level Partnership Accounts 11 Accounting with Sanjaya Sir $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... ....................
Cambridge O Level Partnership Accounts 12 Accounting with Sanjaya Sir (b) Prepare the current accounts for the year ended 30 June 2017. Balance the accounts and bring down the balances on 1 July 2017. Current accounts Date Details Jian Shen Date Details Jian Shen $ $ $ $ (c) Prepare the statement of financial position at 30 June 2017. Jian and Shen (c) Statement of Financial Position as at 30 June 2017. $ $ $ .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. ..................
Cambridge O Level Partnership Accounts 13 Accounting with Sanjaya Sir $ $ $ .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. [15] [Total : 40]
Cambridge O Level Partnership Accounts 14 Accounting with Sanjaya Sir May/June 2017 – Paper 2 – Variant 22 3 Aishah and Bolin had been sole traders for many years. On 1 May 2016 they formed a partnership combining their assets and liabilities. Each partner brought the following assets and liabilities into the new partnership. Aishah Bolin Assets $ $ 20 000 Goodwill Motor vehicle 0008 000 7 500 Fixtures and fittings 9 000 Inventory 4 500 Trade receivables 6 700 5 200 Bank 7 100 Liabilities 4 000 2 150 Trade payables Bank overdraft 3 750 The partnership agreement states: 1 Goodwill will be removed from the books of the new partnership. 2 There will be no interest paid on capital. 3 Interest will be charged on drawings (excluding partnership salaries) at the rate of 6%. 4 Bolin will receive a salary of $12 000 per annum. 5 Profits and losses will be shared between Aishah and Bolin in the ratio 3 : 2. REQUIRED (a) Calculate the opening capital of each partner. Aishah ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………[1] partner. Bolin ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………[1]
Cambridge O Level Partnership Accounts 15 Accounting with Sanjaya Sir (b) Prepare the statement of financial position of the new partnership at 1 May 2016. Aishah and Bolin Statement of Financial Position at 1 May 2016 $ $ (c) (i) Explain the accounting term ‘goodwill’. ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… …………………………………………………………………….………………………………… [2] (ii) Give three examples of how goodwill may arise. ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… …………………………………………………………………….………………………………… [3]
Cambridge O Level Partnership Accounts 16 Accounting with Sanjaya Sir The following information is available at the end of the first year’s trading on 30 April 2017: Profit for the year $ 27 400 Drawings – Aishah 7 000 (including partnership salary) Bolin 15 000 REQUIRED (d) Prepare the partnership appropriation account for the year ended 30 April 2017. Aishah and Bolin Appropriation Account for the year ended 30 April 2017. $ $ (e)State two disadvantages to Aishah, other than having to share profit, of forming a partnership ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… …………………………………………………………………….………………………………… [2] [Total: 20]
Cambridge O Level Partnership Accounts 17 Accounting with Sanjaya Sir October/November 2016 – Paper 2 – Variant 21 5 Li and Yang are in partnership sharing profits and losses in the ratio 3:2. Interest is allowed on capital at the rate of 4% per annum and is charged on drawings at the rate of 10% per annum. Partners are entitled to annual salaries, Li $8000 and Yang $5000. The following balances were extracted from the books on 30 September 2016. $ Capital accounts Li 50 000 Yang 50 000 Current accounts Li 4 300 Credit Yang 2 900 Credit Drawings Li 15 000 Yang 9 000 Land and buildings (cost) 200 000 Computing equipment (cost) 60 000 Office fixtures (cost) 35 000 Provisions for depreciation Land and buildings 22 000 Computing equipment 20 000 Office fixtures 10 000 Provision for doubtful debts 2 000 Revenue 625 000 Inventory at 1 October 2015 52 600 Purchases 295 000 Returns from customers 15 750 Returns to supplier 4 850 General expenses 27 500 Heat and light 5 300 Marketing expenses 41 000 Wages and salaries 153 000 Administration expenses 16 800 5% Bank loan (repayable 2021) 120 000 Bank loan interest paid 4 000 Trade receivables 69 200 Trade payables 62 500 Bank 25 600 Credit
Cambridge O Level Partnership Accounts 18 Accounting with Sanjaya Sir Additional information 1 Inventory at 30 September 2016 was $57 900. 2 A sale of goods made on credit on 26 September, $2800, had not been recorded in the books. 3 At 30 September 2016 Marketing expenses, $1100, were accrued Administration expenses $250, were prepaid. 4 The partners’ salaries had been paid to Li and Yang. These had been posted to the wages and salaries account. 5 Office fixtures costing $5000 and with an accumulated depreciation of $3000 had been sold for $2000. A cheque was received on 20 August 2016. No entries had been recorded in the books. 6 Depreciation is to be charged on all non-current assets owned at the end of the year as follows: (i) buildings at the rate of 2% per annum. The buildings have a cost of $100 000. No depreciation is charged on land. (ii) computing equipment at the rate of 30% per annum using the diminishing (reducing) balance method. (iii) office fixtures at the rate of 20% per annum using the straight-line method. 7 Trade receivables include a debt of $4000 which is considered irrecoverable. The provision for doubtful debts is to be maintained at 5%.
Cambridge O Level Partnership Accounts 19 Accounting with Sanjaya Sir REQUIRED (a) Prepare the income statement and appropriation account for the year ended 30 September 2016. Li and Yang Income Statement and Appropriation Account for the year ended 30 September2016 $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... ....................
Cambridge O Level Partnership Accounts 20 Accounting with Sanjaya Sir $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... ....................
Cambridge O Level Partnership Accounts 21 Accounting with Sanjaya Sir (b) Prepare the current accounts for the year ended 30 September 2016. Balance the accounts and bring down the balances on 1 October 2016. Current accounts Date Details Li Yang Date Details Li Yang $ $ $ $ [5] (c) Prepare the statement of financial position at 30 September 2016. Li and Yang Statement of Financial Position at 30 September 2016 $ $ $ ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... $ $ $
Cambridge O Level Partnership Accounts 22 Accounting with Sanjaya Sir ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... [16] [Total: 40]
Cambridge O Level Partnership Accounts 23 Accounting with Sanjaya Sir October/November 2015 – Paper 2 – Variant 21 3 Aina and Barry are in partnership. The partnership agreement states the following: Interest is charged on drawings at the rate of 6% per annum Interest is paid on capital at the rate of 4% per annum Interest is paid on partners’ loans at the rate of 5% per annum Barry receives a salary of $8000 per annum Profits and losses are shared 3/5 Aina and 2/5 Barry. The following information was available on 1 May 2014. $ Capital account Aina 50 000 Barry 20 000 Current account Aina 800 debit Barry 6 500 credit Loan to partnership Barry 40 000 Additional information for the year ended 30 April 2015 1 Barry increased his capital in the partnership by $20 000 on 1 November 2014. 2 Drawings during the year were: $ Aina 7 500 Barry 10 000 3 Profit for the year before loan interest was $19 800.
Cambridge O Level Partnership Accounts 24 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 25 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 26 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 27 Accounting with Sanjaya Sir May/June 2015 – Paper 2 – Variant 22 5 Farah and Hana are in partnership. The partnership agreement states that they share profits and losses equally. Interest on capital is allowed at the rate of 4% per annum. Interest is charged on drawings made during the year at the rate of 5% per annum. No salaries are paid to the partners. The following balances were extracted from the books on 30 April 2015. $ Premises (cost) 60 000 Delivery vehicles (cost) 30 000 Office fixtures (cost) 15 000 Provisions for depreciation Premises 3 600 Delivery vehicles 10 000 Office fixtures 11 000 Trade payables 7 900 Trade receivables 18 750 Provision for doubtful debts 500 Bank overdraft 12 200 Capital accounts: Farah 50 000 Hana 30 000 Current accounts at 1 May 2014: Farah 3 250 Cr Hana 1 850 Cr Drawings: Farah 6 000 Hana 6 000 Purchases 81 250 Revenue 190 000 Returns inwards 8 600 Inventory at 1 May 2014 15 600 Advertising expenses 11 000 Wages and salaries 31 450 Delivery vehicle expenses 14 900 Heat and light 9 750 Other operating expenses 12 000
Cambridge O Level Partnership Accounts 28 Accounting with Sanjaya Sir Additional information The following information was available 30 April 2015. 1 . Inventory was valued at $13 650. 2. Advertising expenses prepaid were $800. 3. Heat and light $150 was outstanding. 4. Depreciation is to be charged on all non-current assets owned at the end of the year as follows: Premises at the rate of000 2% on cost per annum Delivery vehicles at the rate of 20% per annum using the diminishing (reducing) balance method Office fixtures at the rate of 10% per annum using the straight-line method. 5. The provision for doubtful debts is to be maintained at 4%. 6. A cheque payment of $550, made to a credit supplier on 15 April, had not been recorded in the books. …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… REQUIRED a) Prepare the income statement and appropriation account for the year ended 30 April 2015.
Cambridge O Level Partnership Accounts 29 Accounting with Sanjaya Sir Farah and Hana Income Statement and Appropriation Account for the year ended 30 April 2015 $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... ....................
Cambridge O Level Partnership Accounts 30 Accounting with Sanjaya Sir $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... [18]
Cambridge O Level Partnership Accounts 31 Accounting with Sanjaya Sir (b) Prepare the current accounts for the year ended 30 April 2015. Current accounts Details Farah Hana Details Farah Hana $ $ $ $ (c) Prepare the statement of financial position at 30 April 2015. Statement of Financial Position at 30 April 2015 …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
Cambridge O Level Partnership Accounts 32 Accounting with Sanjaya Sir …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………[15] [Total: 40]
Cambridge O Level Partnership Accounts 33 Accounting with Sanjaya Sir October/November 2014 – Paper 2 – Variant 22
Cambridge O Level Partnership Accounts 34 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 35 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 36 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 37 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 38 Accounting with Sanjaya Sir October/November 2014 – Paper 2 – Variant 21
Cambridge O Level Partnership Accounts 39 Accounting with Sanjaya Sir …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
Cambridge O Level Partnership Accounts 40 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 41 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 42 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 43 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 44 Accounting with Sanjaya Sir October/November 2013 – Paper 2 – Variant 22
Cambridge O Level Partnership Accounts 45 Accounting with Sanjaya Sir Workings:- …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
Cambridge O Level Partnership Accounts 46 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 47 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 48 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 49 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 50 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 51 Accounting with Sanjaya Sir October/November 2013 – Paper 2 – Variant 21
Cambridge O Level Partnership Accounts 52 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 53 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 54 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 55 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 56 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 57 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 58 Accounting with Sanjaya Sir May/June 2012 – Paper 2 – Variant 22
Cambridge O Level Partnership Accounts 59 Accounting with Sanjaya Sir …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
Cambridge O Level Partnership Accounts 60 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 61 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 62 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 63 Accounting with Sanjaya Sir
Cambridge O Level Partnership Accounts 64 Accounting with Sanjaya Sir Some advices from your teacher  Chase your dreams without justifying it to anyone! As long as it matters to you it matters!  Be brave and bold and do not wait to regret it! As soon as you want something, get it, even if it terrifies you!  Be the person that you want to be and do not listen to the masses!  Love yourself and your life for what it is and change it every time it doesn’t feel right!  Let go of whatever keeps you bound or restricted so that you keep that freedom alive that you have and use it!  Do not blame others for what your life turns out to be. It is your responsibility, not theirs.  Make mistakes, fail, laugh about it, stand back up, and try once more!  And never, ever, give up on what matters to you. All the best children….! Like me on Facebook : ‘ Accounting with Sanjaya Sir ‘ Contact for online classes +94 77 903 59 40 , +94 71 25 45 001 Sanjaya_Jayasundara

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Partnership accounts.pdf

  • 1. Cambridge O Level Partnership Accounts 1 Accounting with Sanjaya Sir Partnership Accounts Sanjaya Jayasundara B.Sc.(Finance) Sp. University of Sri Jayewardenepura, Investment Advisor, International School Teacher
  • 2. Cambridge O Level Partnership Accounts 2 Accounting with Sanjaya Sir Content Introduction. The advantages and disadvantages of Partnership Partnership Agreement Loans from Partners Profit and Loss Appropriation Account Capital Accounts & Current Accounts Statement of Financial Position Past paper questions. Model question. Syllabus according to Cambridge 6.4.2 Partnership • explain the advantages and disadvantages of forming a partnership • outline the importance and contents of a partnership agreement • explain the purpose of an appropriation account • prepare income statements, appropriation accounts and statements of financial position • explain the uses of and differences between equity (capital) and current accounts • draw up partners’ current and capital accounts both in ledger form and as part of a statement of financial position presentation • show the treatment of interest on capital, partners’ salaries, interest on partners’ loans and on drawings • make simple entries for the formation of a partnership via capital contribution by each partner in cash and/or non-cash assets and amalgamation of two sole traders, including the calculation and recording of intangible assets • make the other adjustments as detailed under 6.4.1 as appropriate (• make adjustments for provision for depreciation using the straight-line, diminishing (reducing) balance and revaluation methods • make adjustments for provisions for bad and doubtful debts • make adjustments for other payables and other receivables to take account of accrued and prepaid expenses and outstanding and prepaid income • make adjustments for goods taken by owner/s for own use) Questions will not be set on the dissolution of partnership.
  • 3. Cambridge O Level Partnership Accounts 3 Accounting with Sanjaya Sir Introduction. …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… The Advantages & Disadvantages of Partnership Businesses Advantages Disadvantages Partnership Agreement …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
  • 4. Cambridge O Level Partnership Accounts 4 Accounting with Sanjaya Sir Important areas in Partnership Agreement relating to the Accounting Amount of capital invested by each partner How profits and losses are to be shared If interest on partners’ capital is to be paid, if so, at what rate. If partners’ salaries are to be paid, and if so, what amount. If an upper limit is to be placed on partners’ drawings, and if so what amount. If interest on partners’ drawings is to be charged, and if so, at what rate. If interest on partners’ loans is to be paid, and if so, at what rate. Loans from Partners …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… When a loan is obtained from a partner …………………………………………………………………………………………………………………………………………………………… When a loan is repaid to a partner …………………………………………………………………………………………………………………………………………………………… Relevant Interest amount on loan ……………………………………………………………………………………………………………………………………………………………
  • 5. Cambridge O Level Partnership Accounts 5 Accounting with Sanjaya Sir Profit and Loss Appropriation Account …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… General Structure of Appropriation Account ………………………………………………………………(Business Name) Appropriation Account for the ……………… (period) ended ……………..(period end date) $ $
  • 6. Cambridge O Level Partnership Accounts 6 Accounting with Sanjaya Sir Current Accounts in a Partnership …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… General Structure of a Current Account A ($) B ($) A($) B ($) …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… Capital Accounts in a Partnership …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
  • 7. Cambridge O Level Partnership Accounts 7 Accounting with Sanjaya Sir Statement of Financial Position …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ………………………………………………………………(Business Name) Statement of Financial Position as at …………………………………………(period end date) A ($) B ($) Total ($)
  • 8. Cambridge O Level Partnership Accounts 8 Accounting with Sanjaya Sir Past Paper Questions October/November 2017 – Paper 2 – Variant 22 5 Jian and Shen are in partnership sharing profits and losses in the ratio 3:1. Interest is allowed on capital at the rate of 5% per annum and is charged on drawings (excluding salaries) at the rate of 10%. A salary is paid to Shen of $5000 per annum. The following balances were extracted from the books on 30 June 2017: Leasehold buildings (cost) $ 120 000 Motor vehicles (cost) 40 000 Office fixtures (cost) 18 000 Provisions for depreciation 30 000 Leasehold buildings Motor vehicles 10 000 Office fixtures 4 000 Capital accounts 70 000 Jian Shen 50 000 Current accounts 500 Debit Jian Shen 900 Debit Drawings 8 000 Jian Shen 6 000 8% Bank loan (repayable 2025) 50 000 Bank loan interest paid 2 500 Trade receivables 63 500 Trade payables 23 150 Bank overdraft 10 600 Provision for doubtful debts 2 000 Revenue 520 000 Inventory at 1 July 2016 37 800 Purchases 314 000 Returns from customers 10 300 Returns to suppliers 8 200 Carriage 12 550 Wages and salaries 87 500 Electricity and water 8 450 General expenses 28 850 Motor vehicle expenses 19 100 Additional information 1 Inventory at 30 June 2017 was valued at $42 900. 2 At 30 June 2017: Electricity and water, $1150, were accrued Motor vehicle expenses, $200, were prepaid
  • 9. Cambridge O Level Partnership Accounts 9 Accounting with Sanjaya Sir 3 The partner’s salary had been paid to Shen. This had been posted to the wages and salaries account. 4 The carriage included $3000 for the collection of purchases. The remainder was for delivery to customers. 5 Office fixtures costing $2000 and with an accumulated depreciation of $1500 had been sold for $500. A cheque was received on 20 June 2017. No entries had been recorded in the books. 6 Depreciation is to be charged on all non-current assets owned at the end of each year. a. Leasehold buildings are held on a 20-year lease. An appropriate amount is to be written off the lease. b. Motor vehicles are depreciated at the rate of 25% per annum using the diminishing (reducing) balance method. c. Office fixtures are depreciated at the rate of 10% per annum using the straight-line method. 7 Trade receivables include a debt of $3500 which is considered irrecoverable. The provision for doubtful debts is to be increased to $5000. …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… REQUIRED (a) Prepare the income statement and appropriation account for the year ended 30 June 2017.
  • 10. Cambridge O Level Partnership Accounts 10 Accounting with Sanjaya Sir Jian and Shen (b) Income Statement and Appropriation Account for the year ended 30 June 2017 $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... ....................
  • 11. Cambridge O Level Partnership Accounts 11 Accounting with Sanjaya Sir $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... ....................
  • 12. Cambridge O Level Partnership Accounts 12 Accounting with Sanjaya Sir (b) Prepare the current accounts for the year ended 30 June 2017. Balance the accounts and bring down the balances on 1 July 2017. Current accounts Date Details Jian Shen Date Details Jian Shen $ $ $ $ (c) Prepare the statement of financial position at 30 June 2017. Jian and Shen (c) Statement of Financial Position as at 30 June 2017. $ $ $ .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. ..................
  • 13. Cambridge O Level Partnership Accounts 13 Accounting with Sanjaya Sir $ $ $ .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. .................. .............................................................................. .................. .................. [15] [Total : 40]
  • 14. Cambridge O Level Partnership Accounts 14 Accounting with Sanjaya Sir May/June 2017 – Paper 2 – Variant 22 3 Aishah and Bolin had been sole traders for many years. On 1 May 2016 they formed a partnership combining their assets and liabilities. Each partner brought the following assets and liabilities into the new partnership. Aishah Bolin Assets $ $ 20 000 Goodwill Motor vehicle 0008 000 7 500 Fixtures and fittings 9 000 Inventory 4 500 Trade receivables 6 700 5 200 Bank 7 100 Liabilities 4 000 2 150 Trade payables Bank overdraft 3 750 The partnership agreement states: 1 Goodwill will be removed from the books of the new partnership. 2 There will be no interest paid on capital. 3 Interest will be charged on drawings (excluding partnership salaries) at the rate of 6%. 4 Bolin will receive a salary of $12 000 per annum. 5 Profits and losses will be shared between Aishah and Bolin in the ratio 3 : 2. REQUIRED (a) Calculate the opening capital of each partner. Aishah ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………[1] partner. Bolin ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………[1]
  • 15. Cambridge O Level Partnership Accounts 15 Accounting with Sanjaya Sir (b) Prepare the statement of financial position of the new partnership at 1 May 2016. Aishah and Bolin Statement of Financial Position at 1 May 2016 $ $ (c) (i) Explain the accounting term ‘goodwill’. ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… …………………………………………………………………….………………………………… [2] (ii) Give three examples of how goodwill may arise. ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… …………………………………………………………………….………………………………… [3]
  • 16. Cambridge O Level Partnership Accounts 16 Accounting with Sanjaya Sir The following information is available at the end of the first year’s trading on 30 April 2017: Profit for the year $ 27 400 Drawings – Aishah 7 000 (including partnership salary) Bolin 15 000 REQUIRED (d) Prepare the partnership appropriation account for the year ended 30 April 2017. Aishah and Bolin Appropriation Account for the year ended 30 April 2017. $ $ (e)State two disadvantages to Aishah, other than having to share profit, of forming a partnership ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………… …………………………………………………………………….………………………………… [2] [Total: 20]
  • 17. Cambridge O Level Partnership Accounts 17 Accounting with Sanjaya Sir October/November 2016 – Paper 2 – Variant 21 5 Li and Yang are in partnership sharing profits and losses in the ratio 3:2. Interest is allowed on capital at the rate of 4% per annum and is charged on drawings at the rate of 10% per annum. Partners are entitled to annual salaries, Li $8000 and Yang $5000. The following balances were extracted from the books on 30 September 2016. $ Capital accounts Li 50 000 Yang 50 000 Current accounts Li 4 300 Credit Yang 2 900 Credit Drawings Li 15 000 Yang 9 000 Land and buildings (cost) 200 000 Computing equipment (cost) 60 000 Office fixtures (cost) 35 000 Provisions for depreciation Land and buildings 22 000 Computing equipment 20 000 Office fixtures 10 000 Provision for doubtful debts 2 000 Revenue 625 000 Inventory at 1 October 2015 52 600 Purchases 295 000 Returns from customers 15 750 Returns to supplier 4 850 General expenses 27 500 Heat and light 5 300 Marketing expenses 41 000 Wages and salaries 153 000 Administration expenses 16 800 5% Bank loan (repayable 2021) 120 000 Bank loan interest paid 4 000 Trade receivables 69 200 Trade payables 62 500 Bank 25 600 Credit
  • 18. Cambridge O Level Partnership Accounts 18 Accounting with Sanjaya Sir Additional information 1 Inventory at 30 September 2016 was $57 900. 2 A sale of goods made on credit on 26 September, $2800, had not been recorded in the books. 3 At 30 September 2016 Marketing expenses, $1100, were accrued Administration expenses $250, were prepaid. 4 The partners’ salaries had been paid to Li and Yang. These had been posted to the wages and salaries account. 5 Office fixtures costing $5000 and with an accumulated depreciation of $3000 had been sold for $2000. A cheque was received on 20 August 2016. No entries had been recorded in the books. 6 Depreciation is to be charged on all non-current assets owned at the end of the year as follows: (i) buildings at the rate of 2% per annum. The buildings have a cost of $100 000. No depreciation is charged on land. (ii) computing equipment at the rate of 30% per annum using the diminishing (reducing) balance method. (iii) office fixtures at the rate of 20% per annum using the straight-line method. 7 Trade receivables include a debt of $4000 which is considered irrecoverable. The provision for doubtful debts is to be maintained at 5%.
  • 19. Cambridge O Level Partnership Accounts 19 Accounting with Sanjaya Sir REQUIRED (a) Prepare the income statement and appropriation account for the year ended 30 September 2016. Li and Yang Income Statement and Appropriation Account for the year ended 30 September2016 $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... ....................
  • 20. Cambridge O Level Partnership Accounts 20 Accounting with Sanjaya Sir $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... ....................
  • 21. Cambridge O Level Partnership Accounts 21 Accounting with Sanjaya Sir (b) Prepare the current accounts for the year ended 30 September 2016. Balance the accounts and bring down the balances on 1 October 2016. Current accounts Date Details Li Yang Date Details Li Yang $ $ $ $ [5] (c) Prepare the statement of financial position at 30 September 2016. Li and Yang Statement of Financial Position at 30 September 2016 $ $ $ ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... $ $ $
  • 22. Cambridge O Level Partnership Accounts 22 Accounting with Sanjaya Sir ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... ........................................................................... .................... .................... .................... [16] [Total: 40]
  • 23. Cambridge O Level Partnership Accounts 23 Accounting with Sanjaya Sir October/November 2015 – Paper 2 – Variant 21 3 Aina and Barry are in partnership. The partnership agreement states the following: Interest is charged on drawings at the rate of 6% per annum Interest is paid on capital at the rate of 4% per annum Interest is paid on partners’ loans at the rate of 5% per annum Barry receives a salary of $8000 per annum Profits and losses are shared 3/5 Aina and 2/5 Barry. The following information was available on 1 May 2014. $ Capital account Aina 50 000 Barry 20 000 Current account Aina 800 debit Barry 6 500 credit Loan to partnership Barry 40 000 Additional information for the year ended 30 April 2015 1 Barry increased his capital in the partnership by $20 000 on 1 November 2014. 2 Drawings during the year were: $ Aina 7 500 Barry 10 000 3 Profit for the year before loan interest was $19 800.
  • 24. Cambridge O Level Partnership Accounts 24 Accounting with Sanjaya Sir
  • 25. Cambridge O Level Partnership Accounts 25 Accounting with Sanjaya Sir
  • 26. Cambridge O Level Partnership Accounts 26 Accounting with Sanjaya Sir
  • 27. Cambridge O Level Partnership Accounts 27 Accounting with Sanjaya Sir May/June 2015 – Paper 2 – Variant 22 5 Farah and Hana are in partnership. The partnership agreement states that they share profits and losses equally. Interest on capital is allowed at the rate of 4% per annum. Interest is charged on drawings made during the year at the rate of 5% per annum. No salaries are paid to the partners. The following balances were extracted from the books on 30 April 2015. $ Premises (cost) 60 000 Delivery vehicles (cost) 30 000 Office fixtures (cost) 15 000 Provisions for depreciation Premises 3 600 Delivery vehicles 10 000 Office fixtures 11 000 Trade payables 7 900 Trade receivables 18 750 Provision for doubtful debts 500 Bank overdraft 12 200 Capital accounts: Farah 50 000 Hana 30 000 Current accounts at 1 May 2014: Farah 3 250 Cr Hana 1 850 Cr Drawings: Farah 6 000 Hana 6 000 Purchases 81 250 Revenue 190 000 Returns inwards 8 600 Inventory at 1 May 2014 15 600 Advertising expenses 11 000 Wages and salaries 31 450 Delivery vehicle expenses 14 900 Heat and light 9 750 Other operating expenses 12 000
  • 28. Cambridge O Level Partnership Accounts 28 Accounting with Sanjaya Sir Additional information The following information was available 30 April 2015. 1 . Inventory was valued at $13 650. 2. Advertising expenses prepaid were $800. 3. Heat and light $150 was outstanding. 4. Depreciation is to be charged on all non-current assets owned at the end of the year as follows: Premises at the rate of000 2% on cost per annum Delivery vehicles at the rate of 20% per annum using the diminishing (reducing) balance method Office fixtures at the rate of 10% per annum using the straight-line method. 5. The provision for doubtful debts is to be maintained at 4%. 6. A cheque payment of $550, made to a credit supplier on 15 April, had not been recorded in the books. …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… REQUIRED a) Prepare the income statement and appropriation account for the year ended 30 April 2015.
  • 29. Cambridge O Level Partnership Accounts 29 Accounting with Sanjaya Sir Farah and Hana Income Statement and Appropriation Account for the year ended 30 April 2015 $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... ....................
  • 30. Cambridge O Level Partnership Accounts 30 Accounting with Sanjaya Sir $ $ .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... .................................................................................................. .................... .................... [18]
  • 31. Cambridge O Level Partnership Accounts 31 Accounting with Sanjaya Sir (b) Prepare the current accounts for the year ended 30 April 2015. Current accounts Details Farah Hana Details Farah Hana $ $ $ $ (c) Prepare the statement of financial position at 30 April 2015. Statement of Financial Position at 30 April 2015 …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
  • 32. Cambridge O Level Partnership Accounts 32 Accounting with Sanjaya Sir …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ………………………………………………………………………………………………………………………………………………………[15] [Total: 40]
  • 33. Cambridge O Level Partnership Accounts 33 Accounting with Sanjaya Sir October/November 2014 – Paper 2 – Variant 22
  • 34. Cambridge O Level Partnership Accounts 34 Accounting with Sanjaya Sir
  • 35. Cambridge O Level Partnership Accounts 35 Accounting with Sanjaya Sir
  • 36. Cambridge O Level Partnership Accounts 36 Accounting with Sanjaya Sir
  • 37. Cambridge O Level Partnership Accounts 37 Accounting with Sanjaya Sir
  • 38. Cambridge O Level Partnership Accounts 38 Accounting with Sanjaya Sir October/November 2014 – Paper 2 – Variant 21
  • 39. Cambridge O Level Partnership Accounts 39 Accounting with Sanjaya Sir …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
  • 40. Cambridge O Level Partnership Accounts 40 Accounting with Sanjaya Sir
  • 41. Cambridge O Level Partnership Accounts 41 Accounting with Sanjaya Sir
  • 42. Cambridge O Level Partnership Accounts 42 Accounting with Sanjaya Sir
  • 43. Cambridge O Level Partnership Accounts 43 Accounting with Sanjaya Sir
  • 44. Cambridge O Level Partnership Accounts 44 Accounting with Sanjaya Sir October/November 2013 – Paper 2 – Variant 22
  • 45. Cambridge O Level Partnership Accounts 45 Accounting with Sanjaya Sir Workings:- …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
  • 46. Cambridge O Level Partnership Accounts 46 Accounting with Sanjaya Sir
  • 47. Cambridge O Level Partnership Accounts 47 Accounting with Sanjaya Sir
  • 48. Cambridge O Level Partnership Accounts 48 Accounting with Sanjaya Sir
  • 49. Cambridge O Level Partnership Accounts 49 Accounting with Sanjaya Sir
  • 50. Cambridge O Level Partnership Accounts 50 Accounting with Sanjaya Sir
  • 51. Cambridge O Level Partnership Accounts 51 Accounting with Sanjaya Sir October/November 2013 – Paper 2 – Variant 21
  • 52. Cambridge O Level Partnership Accounts 52 Accounting with Sanjaya Sir
  • 53. Cambridge O Level Partnership Accounts 53 Accounting with Sanjaya Sir
  • 54. Cambridge O Level Partnership Accounts 54 Accounting with Sanjaya Sir
  • 55. Cambridge O Level Partnership Accounts 55 Accounting with Sanjaya Sir
  • 56. Cambridge O Level Partnership Accounts 56 Accounting with Sanjaya Sir
  • 57. Cambridge O Level Partnership Accounts 57 Accounting with Sanjaya Sir
  • 58. Cambridge O Level Partnership Accounts 58 Accounting with Sanjaya Sir May/June 2012 – Paper 2 – Variant 22
  • 59. Cambridge O Level Partnership Accounts 59 Accounting with Sanjaya Sir …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………………………………………………
  • 60. Cambridge O Level Partnership Accounts 60 Accounting with Sanjaya Sir
  • 61. Cambridge O Level Partnership Accounts 61 Accounting with Sanjaya Sir
  • 62. Cambridge O Level Partnership Accounts 62 Accounting with Sanjaya Sir
  • 63. Cambridge O Level Partnership Accounts 63 Accounting with Sanjaya Sir
  • 64. Cambridge O Level Partnership Accounts 64 Accounting with Sanjaya Sir Some advices from your teacher  Chase your dreams without justifying it to anyone! As long as it matters to you it matters!  Be brave and bold and do not wait to regret it! As soon as you want something, get it, even if it terrifies you!  Be the person that you want to be and do not listen to the masses!  Love yourself and your life for what it is and change it every time it doesn’t feel right!  Let go of whatever keeps you bound or restricted so that you keep that freedom alive that you have and use it!  Do not blame others for what your life turns out to be. It is your responsibility, not theirs.  Make mistakes, fail, laugh about it, stand back up, and try once more!  And never, ever, give up on what matters to you. All the best children….! Like me on Facebook : ‘ Accounting with Sanjaya Sir ‘ Contact for online classes +94 77 903 59 40 , +94 71 25 45 001 Sanjaya_Jayasundara