Partnerships: past paper questions
Real questions on partnerships
The newest 20 of 21 written questions. Open one to see it on the real paper.
- 7707/21 · May/June 2025 · Q2e[4]
Prepare Mo’s rental income account for the year ended 31 December 2024. Total the account and bring down the balance at 1 January 2025. Mo Rental income account Date Details $ Date Details $ Mo has noticed that his gross margin and profit margin are higher than those of Barry. REQUIRED
See it on the paper → - 7707/22 · May/June 2025 · Q2a[6]
Prepare the appropriation account for Farah and Salma for the year ended 28 February 2025. Farah and Salma Appropriation Account for the year ended 28 February 2025 $ $
See it on the paper → - 7707/22 · May/June 2025 · Q2b[7]
Prepare Farah’s current account for the year ended 28 February 2025. Balance the account and bring down the balance at 1 March 2025. Farah Current account Date Details $ Date Details $ Farah’s partner, Salma, wanted to take further drawings. REQUIRED
See it on the paper → - 7707/22 · May/June 2025 · Q2c[2]
State two reasons why Salma should not take more drawings. Farah and Salma would like to expand the business. They have decided to convert the business to a limited company. They are considering selling 30% of the ordinary share capital of the new company to each of their two brothers. The brothers would become directo...
See it on the paper → - 7707/23 · October/November 2024 · Q2a[8]
Prepare the profit and loss appropriation account on page 7 for the year ended 30 June 2024. Ali and Sai Profit and loss appropriation account for the year ended 30 June 2024 $ $
See it on the paper → - 7707/23 · October/November 2024 · Q2b[8]
Prepare the capital and current accounts for Sai for the year ended 30 June 2024 and bring down the balances on 1 July 2024. Sai Capital account for the year ended 30 June 2024 Date Details $ Date Details $ Sai Current account for the year ended 30 June 2024 Date Details $ Date Details $
See it on the paper → - 7707/23 · October/November 2024 · Q2c[2]
State two disadvantages of operating as a partnership.
See it on the paper → - 7707/22 · May/June 2024 · Q4a[8]
Prepare the income statement for Tadeen and Yadid for the year ended 30 April 2024. Tadeen and Yadid Income Statement for the year ended 30 April 2024 $ $
See it on the paper → - 7707/22 · May/June 2024 · Q4b[5]
Prepare the appropriation account for Tadeen and Yadid for the year ended 30 April 2024. Tadeen and Yadid Appropriation account for the year ended 30 April 2024 $ $
See it on the paper → - 7707/22 · May/June 2024 · Q4c(i)[1]
one reason why the partners might consider reducing their drawings
See it on the paper → - 7707/22 · October/November 2022 · Q4a[13]
Prepare the following ledger accounts for the year ended 31 July 2022. Where appropriate show the balance brought down on 1 August 2022. PG Sales account Date Details $ Date Details $ Sales returns account Date Details $ Date Details $ Trade receivables account Date Details $ Date Details $ Irrecoverable debts account...
See it on the paper → - 7707/22 · October/November 2022 · Q4b[2]
Prepare a relevant extract from PG’s statement of financial position at 31 July 2022. PG Extract from statement of financial position at 31 July 2022
See it on the paper → - 7707/22 · October/November 2022 · Q5a[8]
Prepare the profit and loss appropriation account for Sian and Tom for the year ended 31 March 2022. Sian and Tom Profit and loss appropriation account for the year ended 31 March 2022 $ $ The current account balances on 1 April 2021 were: Sian Tom $ 3 000 credit 7 000 debit REQUIRED
See it on the paper → - 7707/22 · October/November 2022 · Q5b[8]
Prepare the extract from the statement of financial position of Sian and Tom that shows the capital accounts and the full details of their current accounts at 31 March 2022. Sian and Tom Statement of financial position (extract) at 31 March 2022 $ $ $
See it on the paper → - 7707/22 · October/November 2022 · Q5c[2]
Explain the significance of a debit balance in a partner’s current account. Sian and Tom prepare their financial statements on a going concern basis.
See it on the paper → - 7707/22 · May/June 2022 · Q1c[4]
Prepare the account for Rahat as it would appear in the ledger of Peter. Balance the account and bring down the balance on 1 May 2022. Peter Rahat account Date 2022 Details $ Date 2022 Apr 1 Balance b/d Details $ 840
See it on the paper → - 7707/22 · May/June 2022 · Q2a[4]
Record the total receipts and total payments to Stalla’s bank account showing the cash drawings for the year ended 31 March 2022. Balance the bank account and bring the balance down on 1 April 2022. Stalla Bank account Date Details $ Date Details $ During the year ended 31 March 2022, Stalla took goods from the busines...
See it on the paper → - 7707/22 · May/June 2022 · Q2b[2]
Calculate Stalla’s total drawings for the year ended 31 March 2022. Stalla has provided a list of balances at 31 March 2022. $ Fixtures and fittings (net book value) 10 800 Inventory 2 150 Prepaid rent 500 Balance at bank 2 330 Trade payables 1 875 Loan (repayable 2027) 5 000 Capital ? REQUIRED
See it on the paper → - 7707/22 · May/June 2022 · Q2c[5]
Prepare a statement of affairs to calculate Stalla’s capital at 31 March 2022. Stalla Statement of Affairs at 31 March 2022 $ $
See it on the paper → - 7707/22 · May/June 2022 · Q2d[4]
Calculate Stalla’s profit for the year ended 31 March 2022. Stalla is now considering whether she should start to sell at least some of her goods on credit. REQUIRED
See it on the paper →
What examiners said
The last part of this question related to the transactions in part (a) and to the entering up of appropriate entries into the purchase ledger account of Rahat. The purchase on credit from Rahat for $320 is recorded after deducting any trade discount which is not recorded in the books of Peter. Only cash discount/discount received of $42 is recorded upon payment on April 3rd. Incorrect narratives o...
— Examiner report, May/June 2022, 7707/22 Q1(c) (Cambridge)
Many small businesses do not keep a full set of books (double entry accounts) and require the reconstruction of financial statements through a receipts and payments account and the opening and closing capital positions through a ‘statement of affairs’. The first exercise required the missing entry for cash drawings to be determined. Receipts and payments could be entered either individually or in...
— Examiner report, May/June 2022, 7707/22 Q2(a) (Cambridge)
Once cash drawings had been established the drawings for goods could be calculated. Mark up on cost of 25 per cent represents a 20 per cent profit on revenue. Therefore goods withdrawn for own use of $3375 at selling price represent 80 per cent at cost price ($3375 × 0.8 = $2700). Far too often 25 per cent was calculated on the selling price or $3375 was grossed up by ×4. Weaker responses, in addi...
— Examiner report, May/June 2022, 7707/22 Q2(b) (Cambridge)
Past papers, syllabus and examiner reports © UCLES (Cambridge University Press & Assessment). Questions are matched to topics from the official syllabus. AssessPro is independent and not endorsed by Cambridge.