O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2021 · Q221 Mark

Anwar is a sole trader making annual profits of $24000. He decides to admit Dilip as a partner. They agree that Anwar would receive a salary, and profits and losses would be shared equally. The forecast appropriation account for the partnership's first year of trading is: [Figure showing table with profit for the year, salary Anwar, profit available for distribution] By how much will Anwar's total income increase?

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A$1000

B$6000

C$16000

D$26000

✓ Correct answer

B: $6000

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2021 Paper 1 Variant 2, question 22.

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