A-LevelAccountingPartnership AccountsOct/Nov 2010Paper 1 Q131 Mark
X and Y are in partnership, sharing residual profits and losses equally after the payments below are made. 1 2% interest is charged on partners' drawings 2 salary to Y of $10 000 The partners' drawings for the year were: X $12 000 Y $8000 The net profit for the current year is $52 000. How much will each partner receive in share of residual profits?
A$10 800
B$11 200
C$20 800
D$21 200
✓ Correct Answer
The correct answer is D. 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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