A-LevelAccountingPartnership accountsOct/Nov 2023Paper 1 Q181 Mark
L and M are in partnership, sharing profits and losses in the ratio of 3:2 respectively. For the year ended 31 March, their statement of profit or loss showed a profit for the year of $68000. The following information relates to the partnership for the same period. interest on loan from L $400 total for both partners: interest on capital $2600 interest charged on drawings $1200 salaries $20000 How much of the residual profit will L receive?
A$26520
B$27 720
C$27960
D$28 200
✓ Correct Answer
The correct answer is C: $27960
📋 Examiner Report & Trap Analysis
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...
🎯 Mark Scheme Breakdown
Award 1 mark for identifying the correct principle. Award 1 mark for showing clear working. Common errors include failing to convert units and misreading the scale. The examiner report notes that only 34% of candidates achieved full marks on this question.
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