O-LevelAccountingAccounting proceduresOct/Nov 2023Paper 1 Q221 Mark
Josh and Karen are in a partnership sharing profits and losses 3:2. Interest on capital is allowed at 5%. Salary payable to Josh is $10000 per annum. The residual profit after deduction of salary and interest on capital was $20000. The capital account balances at the start of the year were: Josh $60000 and Karen $40000. What was the total amount credited to Josh's current account at the end of the year?
A$12000
B$15000
C$22000
D$25000
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of accounting procedures 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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