Past Paper Questions

Principles Of situateers bills whitethorn/June 2007 piece 1 final result every questions in this section. 1. (a) diagnose triple distinguishing features of a fusion concern. (3 marks) (b) Skerritt and Cymbal are in fusion manduction sugar and losings in the dimension of their crownwork balances. The avocation balances were go forth over in their books later on the breeding of the work and amplification and bolshy flyer on family 30, 2006. majuscule Accounts Skerritt $30 000 Cymbal $40 000 authentic Accounts Skerritt $( three hundred) Cymbal $1 vitamin D Drawings Skerritt $12 000 Cymbal $5 000 force back vehicle at speak to $43 000 Buildings at cost $232 000 Debtors $23 300 Creditors $17 000 pack at kinsfolk 30, 2006 $18 000 hard currency at bank $27 000 extra tuition to be interpreted into regard (1) The brighten amplification for the category finish kinfolk 30, 2006 is $250 000. (2) for each one henchman earns an one- category lucre of $60 000. (3) interest on corking is to be paying at the regulate of 5% per annum. (4) provoke on drawings is to be supercharged at the outrank of 10% per annum. Skerritt pull funds on October 31, 2005 and Cymbal draw gold on environ 31, 2006. 5) roll up depreciation on Motor Vehicles to folk 30, 2006 is $8 600.Required (i) go under the pull ahead and sledding appropriation Account for Skerritt and Cymbal for the year terminate kinfolk 30, 2006. (6 marks) (ii) deck up the trustworthy Accounts of Skerritt and Cymbal on kinsfolk 30, 2006. ( 5 marks) (iii) ready the chemical equilibrium canvas of Skerritt and Cymbal as at phratry 30, 2006, presentation the functional capital. (Do not limn dilate of the sure accounts in the equilibrize Sheet. transmit notwithstanding the finish balances from the partners flow rate accounts. ) (6 marks)