Accounting 9706 · AS & A Level · Preparation of financial statements

Preparation of financial statements — practice question

Alice and Belinda set up a joint venture to produce and market greeting cards. They decided to split the profit equally. A separate set of books of account was kept.
(a(i))[5]

Draw up the joint venture account.

(a(ii))[4]

Draw up the Alice account.

(a(iii))[3]

Draw up the Belinda account.

(a(iv))[4]

Draw up the joint venture bank account.

(b(i))[4]

Calculate Belinda’s profit share if she enters into a joint venture with Veena.

(b(ii))[5]

Advise Belinda on whether she ought to enter the joint venture with Veena. Support your response with reasons.

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