A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2016 · 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

D: $62500

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Feb/Mar 2016 Paper 1 Variant 2, question 13.

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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?

✓ Correct answer

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