A-LevelAccountingPartnership AccountsMay/June 2021Paper 1 Q121 Mark
L and M are partners sharing profits and losses equally. This year M's share of the profit is $18000. Next year they plan to change the partnership agreement so that L has an annual salary of $10000 and a one-third share of any profits or losses. What does the total partnership profit for next year need to be for M to receive the same amount of profit as this year?
A$22000
B$34 000
C$37.000
D$42000
✓ Correct Answer
The correct answer is C. 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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