A-LevelAccountingPartnershipsMay/June 2010Paper 1 Q151 Mark
X, Y and Z are in partnership sharing profits and losses in the ratio 5:2:3. Y is entitled to a salary of $18 000 per annum. Partners receive interest at 6% per annum on their capital account balances at the start of the year. At the beginning of the year, capital account balances were: X $30 000 Y $22 000 Z $20 000 The net profit before salary and interest for the year is $140 000. What is Y's share of the total profits?
A$23 536
B$28 000
C$42 856
D$46 000
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of partnerships within the Accountingsyllabus. The examiner's mark scheme requires...
📋 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...
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