1. Identify possible sources of finance for a partnership. What are a partnerships financing disadvantages compared to a limited company?

(8 marks)

2. Explain the accounting entries for the following items with examples.

• Accruals
• Prepayments

(7 marks)

Presentation marks (total 5 marks) will be awarded for:

1. Clear and headed sections for tasks;
2. Present financial statements in form of tables;

Appropriate referencing