A-LevelAccountingPreparation of financial statements9706/12 · May/June 2014 · Q161 Mark

A partnership makes a profit for the year of $108000 before taking account of appropriations. Other financial information is as follows. X, Y, Z salary -, -, $10000 capital balance $50 000, $40000, $10000 profit sharing ratio 5, 3, 2 Interest on capital is allowed at 8% per annum. What is Z's share of the profit for the year?

A$18000

B$18800

C$28000

D$28800

✓ Correct answer

D: $28800

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Preparation of financial statements and see which topics are most likely to come up next.

About this question

Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2014 Paper 1 Variant 2, question 16.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Accounting questions

Preparation of financial statementsFeb/Mar 20171m

The following balances related to Ladha's business. At 31 March 2016: total assets $388000, total liabilities $84000…

Preparation of financial statementsFeb/Mar 20171m

A trial balance showed a provision for doubtful debts as $1350. Trade receivables were $50320 which included a debt o…

Preparation of financial statementsFeb/Mar 20171m

A business provides the following information. Revenue $140000; opening inventory $22000; closing inventory $24500; …

Reconciliation and verificationFeb/Mar 20161m

The trial balance totals are as follows: debit $500 150 credit $500 000 Which error could have caused the difference?

Analysis and communication of accounting informationFeb/Mar 20161m

The statement of the financial position of a company shows the following: $ tangible non-current assets 20 600 intang…

Accounting for non-current assetsFeb/Mar 20161m

A computer used for demonstration to customers was treated as capital expenditure. At the end of the year a customer …

← Browse all past-paper questions