(a)[11]
Prepare the partnership’s opening statement of financial position at 1 July 2015.
(b)[4]
Prepare the partnership’s budgeted appropriation account for the year ending 30 June 2016.
(c)[1]
State what the term ‘incorporation’ means.
(d)[9]
Advise the partners on whether they should convert their business into a limited company. Justify your answer by analysing two benefits and two limitations for them.