A-LevelAccountingPartnership AccountsFeb/Mar 2017Paper 1 Q151 Mark
X and Y are in partnership. They admit Z as a new partner. The profit sharing ratio will be 2:1:1 respectively. Goodwill is valued at $100000. Goodwill is not to be retained in the books of account. Other assets are revalued at $40000 in excess of their net book value. Z introduces $250000 cash and office equipment valued at $30000. What is Z's capital account balance after his admission?
A$255000
B$265000
C$305000
D$315000
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The correct answer is A. This question tests the candidate's understanding of partnership accounts within the Accountingsyllabus. The examiner's mark scheme requires...
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