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

Preparation of financial statements — practice question

Read Source B from the insert.
(a)[3]

Calculate the proper split of profit between the two periods. Assume that revenue and other expenses accrued evenly over the year.

(b(i))[4]

Prepare the revised capital accounts for the year.

(b(ii))[13]

Prepare the revised current accounts for the year.

(c)[5]

Advise the partners whether they should appoint a new accountant or keep the current one. Justify your answer.

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