A-LevelAccountingPartnership AccountsMay/June 2018Paper 1 Q141 Mark
X and Y had been in partnership for some years when Z was admitted as a partner. On that date the premises account was debited with $120000 following a revaluation. Profits were shared equally both before and after Z's admission. What were the credit entries recording the revaluation?
Acapital accounts X $40000, Y $40000, Z $40000
Bcapital accounts X $60000, Y $60000
Ccurrent accounts X $40000, Y $40000, Z $40000
Dcurrent accounts X $60000, Y $60000
✓ 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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