A-LevelAccountingPartnership Accounts - Admission of a PartnerMay/June 2019Paper 1 Q131 Mark
L and M had been in partnership sharing profits and losses equally. P was admitted to the partnership and the partners continued to share profits and losses equally. Goodwill was valued at $48000 but the partners agreed that no goodwill account would be retained in the books of account. What were the accounting entries to record the goodwill?
Adebit L capital account $16000, debit M capital account $16000, credit P capital account $32000
Bdebit P capital account $32000, credit L capital account $16000, credit M capital account $16000
Cdebit L capital account $8000, debit M capital account $8000, credit P capital account $16000
Ddebit P capital account $16000, credit L capital account $8000, credit M capital account $8000
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of partnership accounts - admission of a partner within the Accountingsyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
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...
🔒
Unlock the Examiner's Answer
Sign up for free to reveal the correct answer, the official mark scheme breakdown, and the examiner trap analysis for this question.
Sign Up Free to Unlock →Join thousands of Cambridge students already using Oracle Prep