A-LevelAccountingPartnershipsMay/June 2022Paper 1 Q141 Mark
The provisions of the Partnership Act apply if partners do not draw up a partnership agreement. Which statement is true as a provision of the Partnership Act?
AInterest on drawings is charged at 5% a year.
BInterest on loans from partners is to be at 8% a year.
CPartners are not entitled to salaries.
DProfits are to be shared in the ratio of fixed capitals.
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of partnerships 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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