In this question, candidates were required to prepare:

(i) Trading, Profit and Loss Account;
(ii) Appropriation Account
(iii) Partners’ Current Accounts

observation

Many of the candidates performed very well in this question. However, a few of the candidates could not identify the items to be posted to the Appropriation Accounts. Some of the expected items include:
(i) Debit – Interest on capital and share of profit
(ii) Credit – Net profit and interest on drawing.