A-LevelAccountingPartnership AccountsOct/Nov 2021Paper 1 Q151 Mark
X and Y are in partnership sharing profits and losses equally. They have combined capital account balances of $200 000. Z was admitted as a partner. Non-current assets were revalued upwards by $30000. Goodwill was valued at $20000 but was not to be retained in the books of account. Following Z's admission the total of the partners' capital accounts was $270000. How much capital did Z contribute?
A$20000
B$40000
C$50000
D$70000
✓ 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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