A-LevelAccountingPartnership AccountsFeb/Mar 2016Paper 1 Q141 Mark
X and Y have capital accounts of $50000 each and share profits equally. They plan to admit Z into partnership. The new profit sharing ratio will be 2:2:1. The balances on the capital accounts will also be in this ratio. Goodwill is valued at $20000 and will not be retained in the books of account. How much cash will Z need to pay to join the partnership?
A$25000
B$26.000
C$29000
D$30000
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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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