(a)[6]
Explain three disadvantages of running a partnership instead of being in business as a sole trader.
(b)[5]
Prepare the income statement for the year ended 30 June 2017. Begin the statement with gross profit for the year of $40960$.
(c)[4]
Prepare the appropriation account for the year ended 30 June 2017.
(d)[6]
Prepare the partners’ current accounts for the year ended 30 June 2017.
(e)[4]
Analyse the business’s efficiency by using these ratios.
(f)[5]
Advise which course of action the partners should choose in order to improve the rate of inventory turnover. Support your advice by discussing both suggested options.