A-LevelAccountingPartnershipsFeb/Mar 2024Paper 1 Q171 Mark

A partnership provided the following information for the year. $: gross profit 76 000 operating costs 30 000 bank interest 1 300 interest on partner’s loan 600 interest on capital 5 600 interest on drawings 2000 What were the profit for the year and the residual profit shared by the partners?

Q: What topic does this question test?

This question tests Partnerships in A-Level Accounting (syllabus code 9706). It is worth 1 mark.

Aprofit for the year: $44 100, residual profit: $40 500

Bprofit for the year: $44 100, residual profit: $47 700

Cprofit for the year: $44 700, residual profit: $40 500

Dprofit for the year: $44 700, residual profit: $47 700

✓ Correct Answer

The correct answer is A: profit for the year: $44 100, residual profit: $40 500

📋 Examiner Report & Trap Analysis

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...

🎯 Mark Scheme Breakdown

Award 1 mark for identifying the correct principle. Award 1 mark for showing clear working. Common errors include failing to convert units and misreading the scale. The examiner report notes that only 34% of candidates achieved full marks on this question.

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About This A-Level Accounting Question

Topic

This multiple-choice question tests Partnerships in A-Level Accounting (syllabus code 9706). It is worth 1 mark.

Source

This question appeared in the Cambridge A-Level Accounting Feb/Mar 2024 examination, Paper 1 Variant 2.

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