A-LevelAccountingPartnership AccountsMay/June 2024Paper 1 Q161 Mark
Vicram and Walter are in partnership but have not made any partnership agreement. The net assets of the partnership at the end of a financial period totalled $180 000. The partners maintain capital and current accounts. The opening balances on the current accounts were: Vicram $3200 debit Walter $6800 credit The profit of the partnership for the period, before appropriation, was $85 000. Vicram had provided a loan of $20 000 to the business. What is the balance on Vicram's capital account at the end of the period?
A$35 200
B$45 200
C$48 800
D$55 200
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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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