A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2017 · Q161 Mark

A partnership provides the following financial information for the year ended 30 June 2017. [Table: profit from operations $240000, bank interest payable $21000, interest on capital $15000, drawings $50000, partnership salaries $45000] What is the residual balance of profits to be appropriated between the partners?

A$109000

B$154000

C$159000

D$204000

✓ Correct answer

C: $159000

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2017 Paper 1 Variant 2, question 16.

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