O-LevelAccountingAccounting proceduresOct/Nov 2023Paper 1 Q241 Mark
Pari and Ira are in a partnership, sharing profits and losses equally. Interest on the capital account balances is allowed at 6% per annum. Pari is entitled to a salary of $5000 per annum. The capital account balances at the start of the year were $60000 for Pari and $40000 for Ira. The profit for the year was $27 500. How much residual profit was credited to Pari's current account at the end of the year?
A$8250
B$10750
C$11250
D$13250
✓ Correct Answer
The correct answer is A. 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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