A-LevelAccountingPartnership AccountsOct/Nov 2019Paper 1 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
The correct answer is D. 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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