A-LevelAccountingPartnership AccountsOct/Nov 2011Paper 1 Q131 Mark
X and Y have been business partners for several years, sharing profits in the ratio of 2:1. Y now wishes to retire and leave X to continue with a new business partner. Y's capital account amounts to $15 800 and his current account shows a debit balance of $3500. Goodwill is valued at $6600. The book values of certain tangible assets are to be valued upwards by $3000. What is the amount due to Y on his retirement from the business?
A$13 500
B$15 500
C$20 500
D$22 500
✓ Correct Answer
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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