A-LevelAccountingPartnership AccountsFeb/Mar 2020Paper 1 Q141 Mark
L and M are in partnership, sharing profits and losses in proportion to their capital invested. The following information is available: capital: L 68000 M 102000 profit for the year before appropriation 28 900 drawings: L 8000 M 12000 No interest is charged on drawings up to $10000 for each partner. Interest at a rate of 5% is charged on any drawings in excess of $10000. What was L's share of residual profit?
A$11520
B$11600
C$11800
D$11960
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The correct answer is B. 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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