ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Financial Statements Example

  • This is the second part solution to the question that was posted here
  • The first part of the solution to this question can be found here
  • It examines the basic structure of Financial Statements of partnerships
  • In this part we will examine the structure of the Statement of Financial Position of a partnership

Solution

Save and Moyo

Statement of Financial Position as at 31 December 20×8

$$$
Non Current AssetsCostAccumulated DepreciationNet Book Value
Freehold Land50 000-50 000
Fixtures and Fittings

15 000

(4 500)

10 500

65 0004 50060 500
Current Assets
Inventories68 000
Accounts Receivable50 000
Bank31 600
Prepayments

200

149 800
Current Liabilities
Accounts Payable37 200
VAT

8 700

45 900

103 900

103 900

Financed By
Capital Accounts
Save100 000
Moyo

50 000

150 000
Current Accounts:
Save9 340
Moyo

5 060

14 400

103 900

NB:

  • Current Accounts showing how the balances were obtained can be found here
  • As already explained VAT is treated as an accrual

To access more topics go to the Principles of Accounts Notes.

- See latest Zimbabwe grocery prices -

Deals

SEE LATEST SUPERMARKET PRICES, SHOP FOR GROCERIES VIA WHATSAPP
SEE PRICES & NEWS
We publish the latest grocery prices from Zimbabwean supermarkets. We also deliver groceries online