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O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2024 · Q231 Mark

Which items should be entered in the appropriation account of a partnership?

Ainterest on partners' drawings: ✓, interest on partners' loans: X, partners' drawings: X
Binterest on partners' drawings: ✓, interest on partners' loans: ✓, partners' drawings: X
Cinterest on partners' drawings: X, interest on partners' loans: ✓, partners' drawings: ✓
Dinterest on partners' drawings: X, interest on partners' loans: X, partners' drawings: ✓

✓ Correct answer

A: interest on partners' drawings: ✓, interest on partners' loans: X, partners' drawings: X

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Topic
Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, Oct/Nov 2024 Paper 1 Variant 2, question 23.

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