A-LevelAccountingPartnership AccountsMay/June 2012Paper 1 Q111 Mark
X and Y are in partnership sharing the profits equally. No goodwill account is maintained in the accounts. Z joins the partnership and pays $30 000 cash for his share of the goodwill. Profits are to be shared equally between X, Y and Z. What are the increases in the capital accounts on the admission of Z into the partnership? capital accounts X $ Y $ Z $ 10 000 10 000 10 000 – 30 000 15 000 15 000 – –
AX $10 000, Y $10 000, Z $10 000
BX –, Y –, Z $30 000
CX $15 000, Y $15 000, Z –
DX –, Y –, Z –
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of partnership accounts 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...
🔒
Unlock the Examiner's Answer
Sign up for free to reveal the correct answer, the official mark scheme breakdown, and the examiner trap analysis for this question.
Sign Up Free to Unlock →Join thousands of Cambridge students already using Oracle Prep