A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2019 · Q161 Mark
L, M and N are in partnership sharing profits and losses equally. L retired when the credit balances on her capital and current accounts were $100000 and $40000. Partnership assets were revalued upwards by $60000. L took half of the amount due to her on retirement. The other half was left as a loan to the business. How much was L paid from the partnership bank account on her retirement?
A$20000
B$40 000
C$60000
D$80000
✓ Correct answer
D: $80000
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