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Partnership Accounts -Synoptic revision

Last updated over 5 years ago

7 Nsɛmmisa

Hyɛ no nsow a efi ɔkyerɛwfo no hɔ:

AAT L3 Partnerships

1

1

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1

Asemmisa {{asɛmmisaAhyɛnsode}}

1.

A partner will always have a credit balance in their current account

Nokorɛ

Ɛnyɛ ampa

Asemmisa {{asɛmmisaAhyɛnsode}}

2.

Two partners, Rob and Hussan share profits 30/70 in Hussan's favour. Profit before appropriation is £350,000. Interest on drawings amount to £5000. Rob has a salary of £30,000. Calculate the profit to be shared.

Asemmisa {{asɛmmisaAhyɛnsode}}

3.

If you have to account for commission in an appropriation account, what do you do?

Add it to the profit figure

treat it like salary and deduct it from the profit figure before profit share calculations

treat it like salary and deduct it from the profit figure after profit share calculations

subtract it from salaries

Asemmisa {{asɛmmisaAhyɛnsode}}

4.

Click on the table below and complete the profit appropriation account

Asemmisa {{asɛmmisaAhyɛnsode}}

5.

Complete the current account from the data below

Asemmisa {{asɛmmisaAhyɛnsode}}

6.

Select the options which are an advantage to a business to trade as a sole trader

No formal requirement for final accounts

lower set up costs

ability to raise capital by share issue

lower tax rates than non incorporated business

public has access to accounts

director files a report of recent past and future trading activities

own assets separate from company assets

accounts are kept private

costs lower for year end accounts

no need to pay an auditor

Asemmisa {{asɛmmisaAhyɛnsode}}

7.

What type of business setup is run by trustees?

charity

partnership

limited company

sole trader