O-LevelAccountingPreparation of financial statementsOct/Nov 2020Paper 1 Q201 Mark
John and Mark are in partnership. Profits and losses are shared in the ratio 3:2. John is entitled to an annual salary of $12000. The profit for the year ended 31 August 2020 was $52000. How much would be credited to the partners' current accounts on 31 August 2020?
AJohn's current account $24000, Mark's current account $16000
BJohn's current account $26000, Mark's current account $26000
CJohn's current account $31200, Mark's current account $20 800
DJohn's current account $36 000, Mark's current account $16000
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The correct answer is D. This question tests the candidate's understanding of preparation of financial statements within the Accountingsyllabus. The examiner's mark scheme requires...
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