A-LevelAccountingPreparation of financial statements9706/12 · May/June 2017 · Q131 Mark

Ali, Bharti and Chan were in partnership sharing profit and losses in the ratio 3:2:1. Bharti retired from the partnership on 30 June 2016. The following were the balances available at 30 June 2016. Ali () Bharti () Chan ($) capital accounts 60000 Cr 40000 Cr 20000 Cr current accounts 18650 Cr 6 100 Dr 8950 Cr On her retirement, Bharti retained a partnership motor vehicle at an agreed valuation of $4000. Goodwill was valued at $39000. How much was payable to Bharti on her retirement?

A$33900

B$42900

C$46 900

D$50 900

✓ Correct answer

B: $42900

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2017 Paper 1 Variant 2, question 13.

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