O-LevelAccountingPreparation of financial statements7707/11 · May/June 2022 · Q241 Mark

Raj and Seema are in partnership sharing profits and losses 2:1. Raj withdrew $5000 during the year and was charged interest at 3%. Seema did not make any withdrawals during the year. The profit for the year was $30000. How much was credited to Raj's current account at the end of the year?

A$19850

B$19900

C$20000

D$20 100

✓ Correct answer

D: $20 100

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2022 Paper 1 Variant 1, question 24.

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Raj and Seema are in partnership sharing profits and losses 2:1. Raj withdrew $5000 during the year and was charged interest at 3%. Seema did not make any withdrawals during the year. The profit for the year was $30000. How much was credited to Raj's current account at the end of the year?

✓ Correct answer

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