A-LevelAccountingPartnership AccountsFeb/Mar 2021Paper 1 Q151 Mark
Annie and Bernie have been in partnership for some years, sharing profits and losses in the ratio 2:1. On 1 January 2020, they decided to introduce interest on drawings. The annual interest on drawings for the year ended 31 December 2020 was $1300 for Annie and $800 for Bernie. Which effect did this change have on the balance on Annie's current account at 31 December 2020?
Adecrease of $100
Bdecrease of $500
Cincrease of $100
Dincrease of $500
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of partnership accounts within the Accountingsyllabus. The examiner's mark scheme requires...
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