A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2019 · Q131 Mark

Meena was a sole trader. On 1 July 2018, Hanna entered into a partnership with her sharing profits equally. Profit for the year ended 31 December 2018 was $168000 accruing evenly over the year. An irrecoverable debt of $8000 was incurred during March 2018 and it was agreed that this would be paid for by Meena. What is Hanna’s share of profit?

A$40000

B$42000

C$44000

D$46000

✓ Correct answer

C: $44000

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Feb/Mar 2019 Paper 1 Variant 2, question 13.

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