A-LevelAccountingPartnership AccountsFeb/Mar 2020Paper 1 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
The correct answer is A. This question tests the candidate's understanding of partnership accounts within the Accountingsyllabus. The examiner's mark scheme requires...
📋 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...
🔒
Unlock the Examiner's Answer
Sign up for free to reveal the correct answer, the official mark scheme breakdown, and the examiner trap analysis for this question.
Sign Up Free to Unlock →Join thousands of Cambridge students already using Oracle Prep