O-LevelAccountingAccounting procedures7707/12 · May/June 2021 · Q261 Mark

Ann and Ben are in partnership sharing profits and losses equally. They provided the following information for the year ended 30 April 2021. profit for the year $20000 interest on capital: Ann $5000 interest on capital: Ben $4000 drawings: Ann $8000 drawings: Ben $7000 What was Ben's share of the residual profit?

A$5500

B$10000

C$13000

D$14500

✓ Correct answer

A: $5500

Oracle Prep sorts past-paper questions by topic, so you can drill Accounting procedures and see which topics are most likely to come up next.

Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2021 Paper 1 Variant 2, question 26.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Hassan maintains a sales journal, purchases journal, sales returns journal and a purchases returns journal. At the e…

Ann is a trader. On 1 April 2011 Cindy's account in Ann's ledger showed a credit balance of $520. The following trans…

Azad maintains a ledger account for general expenses. On 1 January there was a prepayment of $176. On 31 December th…

A trial balance fails to agree. The credit column totals $10 000. Two errors are then found. The sales journal has b…

Winston decides to write off a debt due to him from Leroy for goods sold on credit. How is this recorded in Winston'…

Motor repairs of $250 have been posted in error to the motor vehicles account. What is the effect on the financial s…