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Cambridge IGCSE Accounting practice

Paper 2 structured question: Partnerships

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Partnerships

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Paper 2Structured Written Paper2 marks

Partnership financial management

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]

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Paper 2 structured question: Partnerships

Paper 2Structured Written Paper3 marks

Data Table

Partnership Financial Data

The following data is provided for ABC Partnership:

PartnerCapital AccountDrawingsProfit Share
A$40,000$5,000
B$30,000$3,000
C$20,000$2,000
  1. a

    Explain the significance of the capital accounts for each partner.

    Aim for approximately 3 distinct marking points.

    [3]