A-LevelAccountingPreparation of financial statements9706/12 · May/June 2016 · 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
A: $8000
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