A-LevelAccountingPartnership AccountsMay/June 2016Paper 1 Q141 Mark
A and B were in partnership sharing profits and losses equally when they decided to retire. Details of the realisation are shown in the table. book value $000 realised value $000 non-current assets 50 65 current assets excluding cash and bank 25 23 cash and bank balances 4 - current liabilities 18 14 costs of realisation 1 How much profit was each partner entitled to on realisation?
A$8000
B$10000
C$12000
D$16000
✓ Correct Answer
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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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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