0452.5.2.05 — record interest on partners’ loans, interest on capital, interest on drawings, partners’ salaries and the: past paper questions
Real questions on 0452.5.2.05 — record interest on partners’ loans, interest on capital, interest on drawings, partners’ salaries and the
The newest 5 of 5 written questions. Open one to see it on the real paper.
- 0452/23 · May/June 2024 · Q4c(i)[1]
one reason why the partners might consider reducing their drawings
See it on the paper → - 0452/22 · May/June 2023 · Q4b(i)[5]
Prepare Akila’s current account for the year ended 30 April 2023.
See it on the paper → - 0452/22 · May/June 2023 · Q4b(ii)[2]
Calculate the balance on Akila’s current account at 30 April 2023 if he had been due $1000 loan interest from the partnership.
See it on the paper → - 0452/21 · May/June 2021 · Q2b[5]
Prepare the appropriation account for John and Banu for the year ended 31 March 2021.
See it on the paper → - 0452/21 · May/June 2021 · Q2c(i)[1]
State the purpose of: charging interest on the partners’ drawings
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What examiners said
The current account represents a good opportunity to gain full marks as the candidate’s own figures are drawn from part (a) into the account. A solid grounding in bookkeeping enables the correct identification and entry of the debit items such as drawings and interest upon drawings, and the credit entries of interest on capital, salary, and the partner’s share of the residual profit into the accou...
— Examiner report, May/June 2023, 0452/22 Q4(b)(i) (Cambridge)
Many candidates found this challenging. The answers given were either $8194 or $6194 with half adding and half deducting the $1000 of loan interest from the current account balance. The reduction in profit share of $600 due to the increase in loan interest was completely overlooked.
— Examiner report, May/June 2023, 0452/22 Q4(b)(ii) (Cambridge)
This required the preparation of a partnership appropriation account. It appears that many candidates were unfamiliar with such an account and offered current accounts and statement of financial position extracts. Many other candidates were able to earn most of the available marks. Common errors included – • Not starting with the profit for the year calculated in the income statement. • Including...
— Examiner report, May/June 2021, 0452/21 Q2(b) (Cambridge)
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