Can you provide some partnership questions for FOA PRC 1?

I understand you're looking for partnership questions related to "FOA PRC." However, the ICAP Scheme 2025's PRC stage has a paper called **PRC 1 Fundamentals of Accounting**. This paper covers basic accounting concepts, and partnership accounting is a key topic within it. Since you're asking for questions, I'll provide a couple of common types of partnership questions you might encounter in PRC 1. These are designed to test your understanding of fundamental partnership accounting principles. --- **Partnership Questions (PRC 1 Fundamentals of Accounting):** **Question 1: Profit and Loss Appropriation** Ali and Bilal are partners sharing profits and losses in the ratio of 3:2. Their capital balances on January 1, 2026, were Ali: PKR 500,000 and Bilal: PKR 300,000. The partnership agreement provides for: * Interest on capital at 10% per annum. * Salaries: Ali PKR 5,000 per month, Bilal PKR 3,000 per month. * Drawings during the year: Ali PKR 60,000, Bilal PKR 40,000. * Interest on drawings: Ali PKR 3,000, Bilal PKR 2,000. The net profit for the year ended December 31, 2026, before any appropriations, was PKR 250,000. **Required:** Prepare the Profit and Loss Appropriation Account for the year ended December 31, 2026. --- **Question 2: Capital Account Preparation (Fixed Capital Method)** Usman and Fahad are partners with fixed capitals of PKR 800,000 and PKR 600,000 respectively. They share profits and losses equally. For the year ended December 31, 2026, the following information is available: * Interest on capital: 8% per annum. * Fahad is entitled to a commission of 5% of net profit after charging his commission. * Net profit for the year before any appropriations was PKR 350,000. * Drawings during the year: Usman PKR 70,000, Fahad PKR 50,000. * Interest on drawings: Usman PKR 4,000, Fahad PKR 3,000. **Required:** Prepare the Partners' Current Accounts for the year ended December 31, 2026. --- **Tips for Solving:** * **Understand the Partnership Agreement:** This is crucial as it dictates how profits are shared, interest on capital/drawings, salaries, etc. * **Profit and Loss Appropriation Account:** This account is used to distribute the net profit among partners according to the partnership agreement. * **Capital vs. Current Accounts:** Remember the difference between fixed and fluctuating capital methods. If capitals are fixed, a separate Current Account is maintained for all appropriations (salaries, interest, share of profit/loss, drawings, interest on drawings). For detailed explanations and more practice, I recommend referring to the official ICAP study material for PRC 1 Fundamentals of Accounting.