A-LevelAccountingPartnership AccountsMay/June 2016Paper 1 Q131 Mark
X and Y were in partnership sharing profit and losses equally. They then admitted Z into the partnership and profits and losses were still shared equally. The following transactions took place. 1 Z introduced capital of $50000. 2 Goodwill was valued at $30000. No goodwill account is kept in the books of account. 3 X took a computer from the business at a value of $3000. After these transactions had taken place, the balance on X's capital account was $60000. What was the opening balance on X's capital account?
A$55000
B$58000
C$65000
D$75000
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of partnership accounts within the Accountingsyllabus. The examiner's mark scheme requires...
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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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