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Cambridge IGCSE Accounting practice

What is a key advantage of a partnership?

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Show answerPartnerships revisionRevise the key idea

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MCQ

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cambridge_mcq

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Topic

Partnerships

Exam-style question

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What is a key advantage of a partnership?.

  1. A.Limited liability
  2. B.Shared expertise
  3. C.Single ownership
  4. D.No formal agreement

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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.

    Aim for approximately 2 distinct marking points.

    [2]