Max and Tom are in a partnership sharing profits and losses in the ratio 2:1 respectively.
The following balances were available at 31 December 2022.
Capital account: Max $80 000, Tom $40 000
Current account: Max $1 000 (Cr), Tom $500 (Dr)
Drawings: Max $10 000, Tom $6 000
Interest on capital is 10% per annum.
Salaries: Max $12 000, Tom $8 000
Net profit for the year $60 000

Q: What topic does this question test?

This question tests General Applications in Edexcel IGCSE Accounting. It is worth 16 marks.

Q: Which exam paper is this question from?

This question appeared in the Edexcel IGCSE Accounting examination, .

Question

Max and Tom are in a partnership sharing profits and losses in the ratio 2:1 respectively.
The following balances were available at 31 December 2022.
Capital account: Max $80 000, Tom $40 000
Current account: Max $1 000 (Cr), Tom $500 (Dr)
Drawings: Max $10 000, Tom $6 000
Interest on capital is 10% per annum.
Salaries: Max $12 000, Tom $8 000
Net profit for the year $60 000

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