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?

Q: What topic does this question test?

This question tests Partnership Accounts in A-Level Accounting (syllabus code 9706). It is worth 1 mark.

Q: Which exam paper is this question from?

This question appeared in the Cambridge A-Level Accounting May/June 2017 examination, Paper 1 Variant 2 (9706_s17_qp_12.pdf).

Question

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?

Oracle Prep · Accepted Answer

The correct answer is B: $42900.

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