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Category: Business and Industry
Date Submitted: 10/02/2012 11:53 PM
This question paper must be
returned. Candidates are not
permitted to remove any part
of it from the examination room.
SEAT NUMBER:…………..ROOM:………
FAMILY NAME.……………………………
OTHER NAMES……….……………………
STUDENT NUMBER.………………………
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Unit: ACCG 611 / Principles of Accounting
Date:
Time Allowed: 3 hours plus 10 minutes reading time
Total Number of Questions: 6
Instructions & Materials Permitted:
i) All questions must be answered on the examination paper.
ii) Calculators without text storage capabilities are permitted.
iii) Dictionaries are not permitted for use.
iv) This is a closed-book examination.
(Office Use Only – Do Not Write Here)
|SECTION |MARKS |
|Question 1 | /15 |
|Question 2 | /15 |
|Question 3 | /20 |
|Question 4 | /15 |
|Question 5 | /20 |
|Question 6 | /15 |
| | |
| | |
|TOTAL | /100 |
QUESTION 1: ACCOUNTING FOR PARTNERSHIP (15 MARKS)
The financial position of WPJ legal firm as at 30 June 2011 is shown below. Wong, Prince and Jenney agree to share profits and losses in a ratio of 2:5:3 respectively.
|Cash at bank $95 000 |Total liabilities $750 000 |
|Inventory $65 000 |Wong, Capital $40 000 |
|Land...