A-LevelAccountingPartnership AccountsFeb/Mar 2016Paper 1 Q131 Mark
P joined the partnership of G and H. He brought into the business the following assets. non-current assets cost $25000, valued at $38000 inventory cost $6000, valued at $4500 cash $20000 There was no goodwill arising when P joined the partnership. What was the balance on P's capital account?
A$20000
B$49500
C$51000
D$62500
✓ Correct Answer
The correct answer is D. 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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