O-LevelAccountingAccounting procedures7707/11 · Oct/Nov 2017 · Q211 Mark

Abi and Erni are in partnership. They share profits and losses equally. Erni is entitled to an annual partnership salary of $3000. The profit for the year ended 31 August 2017 was $12600. On 1 September 2016 the partners' current account balances were as follows. $ Abi 2500 credit Erni 1400 debit What was the credit balance on Erni's current account on 1 September 2017?

A$400

B$3200

C$6400

D$9200

✓ Correct answer

C: $6400

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2017 Paper 1 Variant 1, question 21.

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