A-LevelAccountingPartnership AccountsOct/Nov 2019Paper 1 Q141 Mark
P and Q are in partnership. R was admitted as a partner on 1 July 2018, and the profit and loss sharing ratio among P, Q and R was 2:2:1 respectively. For the purpose of R's admission, the partners agreed: goodwill would be valued at $20000, but not retained in the books of account R would introduce cash, $40000, and motor vehicle, $10000 R would be entitled to an annual salary, $5000. What was R's capital account balance immediately after his admission?
A$36000
B$46000
C$51000
D$54000
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of partnership accounts within the Accountingsyllabus. The examiner's mark scheme requires...
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Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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