A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2020 · Q121 Mark
X and Y are in partnership sharing profit and losses equally. Y's opening current account balance was $1350 debit. The residual profit for the year was $23500. Y was entitled to the following. interest on capital 1200 salary 14500 Y's drawings during the year were $25000. What is the closing balance of Y's current account at the year end?
A$1100 credit
B$1100 debit
C$3800 credit
D$3800 debit
✓ Correct answer
A: $1100 credit
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