O-LevelAccountingAccounting procedures7707/11 · May/June 2023 · Q241 Mark

X and Y are in partnership with capital of $50000 and $30000 respectively. The partnership agreement provides that profits are to be shared in proportion to capital invested and each partner is entitled to 10% interest on capital. Profit for the year was $37000. What was the total amount credited to Y's current account at the end of the year?

A$10875

B$13875

C$18 125

D$23 125

✓ Correct answer

B: $13875

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2023 Paper 1 Variant 1, question 24.

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