(a)[5]
Prepare the income statement for the partnership for the year ended 31 December 2016, using the given gross profit of $171620 as your starting point.
(b)[5]
Prepare the profit and loss appropriation account for the partnership for the year ended 31 December 2016.
(c)[7]
Prepare the partners’ current accounts for the year ended 31 December 2016 on the next page.
(d)[4]
Prepare a statement showing the bank settlement amount due to, or from, Chan on his retirement.
(e)[2]
State two advantages to a partnership of converting to a limited company.
(f)[5]
Advise Bilal whether or not he should keep a complete set of accounting records. Give reasons for your answer.
(g)[2]
State two reasons for maintaining a sales ledger control account.