A-LevelAccountingPartnership AccountsOct/Nov 2016Paper 1 Q151 Mark
A partnership earned an average profit during the year of $15000 per month. Halfway through the year D and E were joined by a new partner F and profits were shared equally before and after the change. In the first half of the year D transferred his private vehicle to the partnership at a valuation of $12000. D's drawings amounted to $60000 during the year. What was the increase in D's current account balance during the year?
A$15000
B$30000
C$75000
D$87000
✓ Correct Answer
The correct answer is A. 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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