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3.1 Financial accounting
Quick questions on Partnership accounts: appropriation, capital and current accounts - AQA A-Level Accounting
2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
State two items appropriated to partners before residual profit is shared. [2 marks] For example partners' salaries and interest on capital.
What is q2?Show answer
Explain the difference between a partner's capital account and current account. [2 marks] Capital is the fixed long-term investment; the current account records the changing balance of profit shares, salary, interest and drawings.
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