A-LevelAccountingPartnershipsFeb/Mar 2022Paper 1 Q161 Mark
X and Y are in partnership, sharing residual profits and losses equally. Partners are charged 2% interest on their drawings. Y is entitled to a salary of $10000. The partners' drawings for the year were as shown: X $12000, Y $8000. The profit for the year was $52000. How much did each partner receive as a share of residual profits?
A$10800
B$11200
C$20 800
D$21200
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of partnerships 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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