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Exam-style practice

Partnerships answer explanations

Review worked answers and explanations for Partnerships. Aligned to Cambridge IGCSE Accounting.

Answer explanations

Question 1 of 2

Review the answer support, then move sideways through the set.

Paper 2 structured question: Partnerships

Paper 2Structured Written Paper2 marks

Description

Partnership Financial Overview

XYZ Partnership has three partners: A, B, and C. The partnership agreement states that profits are shared equally. The income statement shows a profit of $90,000 for the year. Each partner has a capital account balance of $30,000. Drawings for the year were $10,000 for each partner.

  1. a

    Calculate the amount of profit each partner will receive after appropriations.

    [2]