O-LevelAccountingAccounting procedures7707/12 · May/June 2025 · Q221 Mark

Ann and Bob are in partnership and share profits in the ratio 3 : 2 respectively. Ann is entitled to a salary of $20 000 per annum. There is no interest on capital or interest on drawings. The profit for the year is $75000. Ann's share of the residual profit was $24000. What salary was Bob entitled to?

A$13333

B$15000

C$16000

D$31000

✓ Correct answer

B: $15000

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2025 Paper 1 Variant 2, question 22.

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