O-LevelAccountingAccounting procedures7707/13 · Oct/Nov 2020 · Q211 Mark

A partnership maintains both current and capital accounts for each partner. An inexperienced book-keeper prepared the following account which contains errors. Owen capital account $ $ balance c/d 135000 balance b/d 100000 loan made to partnership 30000 interest on capital 5000 135000 135000 What should appear as the closing balance on Owen's capital account?

A$75000

B$100000

C$105000

D$130000

✓ Correct answer

B: $100000

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2020 Paper 1 Variant 3, question 21.

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