A-LevelAccountingPartnership AccountsOct/Nov 2020Paper 1 Q141 Mark
John and Brian are in partnership sharing profits and losses equally. John receives a salary of $2000 per annum. Brian loaned the business $5000. He is entitled to interest of 5% per annum. The profit for the year before appropriation was $24000. During the year John took drawings of $3000. What will be the amount of residual profit Brian will receive for the year?
A$9375
B$10875
C$11000
D$11250
✓ Correct Answer
The correct answer is C. 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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