A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2019 · Q151 Mark

Hilary and Lee commenced in partnership on 1 January 2018. There was no partnership agreement. They provided the following information. Hilary Lee $ capital contributions 5000 6000 loan to partnership — 1000 Profit for the year ended 31 December 2018 before the loan interest was $8850. What was Lee's share of the profit?

A$4400

B$4425

C$4800

D$4827

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A: $4400

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2019 Paper 1 Variant 2, question 15.

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