A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2022 · Q151 Mark
R, S and T were in partnership, sharing profits equally. T retired as a partner. At that time, the balance on his capital and current accounts totalled $320000. Goodwill was valued at $60 000. The partnership assets were revalued upwards by $30000. T agreed to leave $90000 in the partnership as a loan on retirement. The balance due to him was paid from the partnership bank account. How much was paid to T on his retirement?
A$230000
B$240000
C$250 000
D$260000
✓ Correct answer
D: $260000
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