O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2023 · 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

D: $25000

Oracle Prep sorts past-paper questions by topic, so you can drill Accounting procedures and see which topics are most likely to come up next.

Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2023 Paper 1 Variant 2, question 22.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content