iii) Partnership balance sheet as at 31/12/2013 marks) QUESTION TWO a) Differentiate the following.
| iii) Partnership balance sheet as at 31/12/2013 marks)QUESTION TWO
a) Differentiate the following giving examples in each case |
(7 |
| i) Capital reserves | (2 marks ) |
| ii) Revenue reserves | (2 marks ) |
b) PKF manufacturers trial balance as at 31st Dec 1995 was as follows
| Capital |
15,000 |
|
| Drawings | 2,000 | |
| Opening stock at 1/1/95 – Raw Material | 3,400 | |
| – Working in progress | 5,000 | |
|
-Finished goods |
6,100 | |
| Purchases of raw material | 18,000 |
