O-LevelAccountingAccounting procedures7707/12 · May/June 2023 · Q241 Mark

Abi and Erni are in partnership. Erni is entitled to an annual partnership salary of $3000. They share residual profits and losses equally. The profit for the year ended 31 August 2022 was $12600. On 1 September 2021, the partners' current account balances were as follows. Abi 2500 credit Erni 1400 debit What was the credit balance on Erni's current account on 1 September 2022?

A$400

B$3200

C$6400

D$9200

✓ Correct answer

C: $6400

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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 2, question 24.

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