Partnerships — Paper 1 · IGCSE Accounting 0452

21 What is a disadvantage of operating a business as a partnership? A Partners may not agree on how to run the business. B Partners may not have the same skills. C The financial statements must be published. D The risks and responsibilities are shared.

1 marks

Answer: A

This question in 0452/12 Feb/March 2020

23 Rajid and Sunil formed a partnership on 1 January 2019 but did not prepare a partnership agreement. They provided the following information. Rajid Sunil capital introduced 1 January 2019 $40 000 $20 000 during the year ended 31 December 2019 drawings $5 000 $3 500 share of work 50% 50% They decided to draw up a partnership agreement for future years. Which item would be most beneficial to Rajid in 2020? A interest on capital B interest on drawings C limit on annual drawings D partnership salaries

1 marks

Answer: A

This question in 0452/11 May/June 2020

24 Harry and Jane are in partnership. The following information relates to Harry for the financial year. $ salary 8000 drawings 2800 share of profit 4600 The opening credit balance on Harry’s current account was $28 200. What was the closing balance on his current account? A $30 000 B $38 000 C $40 800 D $43 600

1 marks

Answer: B

This question in 0452/11 May/June 2020

22 Rajid and Sunil formed a partnership on 1 January 2019 but did not prepare a partnership agreement. They provided the following information. Rajid Sunil capital introduced 1 January 2019 $40 000 $20 000 during the year ended 31 December 2019 drawings $5 000 $3 500 share of work 50% 50% They decided to draw up a partnership agreement for future years. Which item would be most beneficial to Rajid in 2020? A interest on capital B interest on drawings C limit on annual drawings D partnership salaries

1 marks

Answer: A

This question in 0452/12 May/June 2020

23 Harry and Jane are in partnership. The following information relates to Harry for the financial year. $ salary 8000 drawings 2800 share of profit 4600 The opening credit balance on Harry’s current account was $28 200. What was the closing balance on his current account? A $30 000 B $38 000 C $40 800 D $43 600

1 marks

Answer: B

This question in 0452/12 May/June 2020

22 Rajid and Sunil formed a partnership on 1 January 2019 but did not prepare a partnership agreement. They provided the following information. Rajid Sunil capital introduced 1 January 2019 $40 000 $20 000 during the year ended 31 December 2019 drawings $5 000 $3 500 share of work 50% 50% They decided to draw up a partnership agreement for future years. Which item would be most beneficial to Rajid in 2020? A interest on capital B interest on drawings C limit on annual drawings D partnership salaries

1 marks

Answer: A

This question in 0452/13 May/June 2020

23 Harry and Jane are in partnership. The following information relates to Harry for the financial year. $ salary 8000 drawings 2800 share of profit 4600 The opening credit balance on Harry’s current account was $28 200. What was the closing balance on his current account? A $30 000 B $38 000 C $40 800 D $43 600

1 marks

Answer: B

This question in 0452/13 May/June 2020

20 John and Mark are in partnership. Profits and losses are shared in the ratio 3 : 2. John is entitled to an annual salary of $12 000. The profit for the year ended 31 August 2020 was $52 000. How much would be credited to the partners’ current accounts on 31 August 2020? John’s Mark’s current account current account $ $ A 24 000 16 000 B 26 000 26 000 C 31 200 20 800 D 36 000 16 000

1 marks

Answer: D

This question in 0452/11 Oct/Nov 2020

21 A partnership maintains both current and capital accounts for each partner. An inexperienced book-keeper prepared the following account which contains errors. Owen capital account $ $ balance c / d 135 000 balance b / d 100 000 loan made to partnership 30 000 interest on capital 5 000 135 000 135 000 What should appear as the closing balance on Owen’s capital account? A $75 000 B $100 000 C $105 000 D $130 000

1 marks

Answer: B

This question in 0452/11 Oct/Nov 2020

22 In addition to a share of the profit a partner receives interest on capital, a salary and is charged interest on drawings. How are these recorded in the ledger accounts of the partner? interest on capital salary interest on drawings A credit capital account credit current account debit capital account B credit current account debit capital account credit current account C credit current account credit current account debit current account D debit current account debit current account credit current account

1 marks

Answer: C

This question in 0452/12 Oct/Nov 2020

20 John and Mark are in partnership. Profits and losses are shared in the ratio 3 : 2. John is entitled to an annual salary of $12 000. The profit for the year ended 31 August 2020 was $52 000. How much would be credited to the partners’ current accounts on 31 August 2020? John’s Mark’s current account current account $ $ A 24 000 16 000 B 26 000 26 000 C 31 200 20 800 D 36 000 16 000

1 marks

Answer: D

This question in 0452/13 Oct/Nov 2020

21 A partnership maintains both current and capital accounts for each partner. An inexperienced book-keeper prepared the following account which contains errors. Owen capital account $ $ balance c / d 135 000 balance b / d 100 000 loan made to partnership 30 000 interest on capital 5 000 135 000 135 000 What should appear as the closing balance on Owen’s capital account? A $75 000 B $100 000 C $105 000 D $130 000

1 marks

Answer: B

This question in 0452/13 Oct/Nov 2020

20 Mohan and Dipak are in partnership. They provided the following information at the end of the financial year. $ $ profit for the year 30 600 interest on capital Mohan 1 000 Dipak 1 500 2 500 interest on drawings Mohan 40 Dipak 320 360 salary Mohan 4 000 How much was available for distribution to the partners? A $23 740 B $24 460 C $27 740 D $29 460

1 marks

Answer: B

This question in 0452/12 Feb/March 2021

21 Raj and Rohit are in partnership sharing profits and losses in the ratio of 2 : 1. Raj is entitled to an annual salary of $3000. The profit for the year ended 31 December 2020 was $14 100. On 1 January 2020, Raj’s current account had a debit balance of $1800. What was the credit balance on Raj’s current account on 1 January 2021? A $8600 B $10 400 C $12 200 D $12 400

1 marks

Answer: A

This question in 0452/12 Feb/March 2021

25 What is an advantage of forming a partnership? A Decisions have to be recognised by all partners. B Each partner is responsible for actions of other partners. C Profits have to be shared among the partners. D Responsibilities can be shared between the partners.

1 marks

Answer: D

This question in 0452/12 May/June 2021

26 Ann and Ben are in partnership sharing profits and losses equally. They provided the following information for the year ended 30 April 2021. $ profit for the year 20 000 interest on capital: Ann 5 000 Ben 4 000 drawings: Ann 8 000 Ben 7 000 What was Ben’s share of the residual profit? A $5500 B $10 000 C $13 000 D $14 500

1 marks

Answer: A

This question in 0452/12 May/June 2021

25 What is an advantage of forming a partnership? A Decisions have to be recognised by all partners. B Each partner is responsible for actions of other partners. C Profits have to be shared among the partners. D Responsibilities can be shared between the partners.

1 marks

Answer: D

This question in 0452/13 May/June 2021

26 Ann and Ben are in partnership sharing profits and losses equally. They provided the following information for the year ended 30 April 2021. $ profit for the year 20 000 interest on capital: Ann 5 000 Ben 4 000 drawings: Ann 8 000 Ben 7 000 What was Ben’s share of the residual profit? A $5500 B $10 000 C $13 000 D $14 500

1 marks

Answer: A

This question in 0452/13 May/June 2021

19 Anwar is a sole trader making annual profits of $24 000. He decides to admit Dilip as a partner. They agree that Anwar would receive a salary, and profits and losses would be shared equally. The forecast appropriation account for the partnership’s first year of trading is: $ profit for the year 50 000 salary Anwar 10 000 profit available for distribution 40 000 By how much will Anwar’s total income increase? A $1000 B $6000 C $16 000 D $26 000

1 marks

Answer: B

This question in 0452/11 Oct/Nov 2021

20 Kasi and Ravi are in partnership. The financial statements for the year ended 31 August 2021 showed that Ravi was entitled to interest on capital and interest on loan and was charged interest on drawings. Which entries would be made in Ravi’s current account? interest on capital interest on loan interest on drawings debit credit debit credit debit credit A v v v B v v Cc v v v D v v

1 marks

Answer: C

This question in 0452/11 Oct/Nov 2021

21 Hassin found that he needed help to run his business. He decided to take a partner rather than employ an assistant. Why did he decide to take a partner? 1 An assistant would not interfere with how the shop was run. 2 An assistant would not share risk. 3 A partner would introduce some additional capital. 4 A partner would take a share of the profit. A 1 and 3 B 1 and 4 C 2 and 3 D 2 and 4

1 marks

Answer: C

This question in 0452/12 Oct/Nov 2021

22 Anwar is a sole trader making annual profits of $24 000. He decides to admit Dilip as a partner. They agree that Anwar would receive a salary, and profits and losses would be shared equally. The forecast appropriation account for the partnership’s first year of trading is: $ profit for the year 50 000 salary Anwar 10 000 profit available for distribution 40 000 By how much will Anwar’s total income increase? A $1000 B $6000 C $16 000 D $26 000

1 marks

Answer: B

This question in 0452/12 Oct/Nov 2021

19 Anwar is a sole trader making annual profits of $24 000. He decides to admit Dilip as a partner. They agree that Anwar would receive a salary, and profits and losses would be shared equally. The forecast appropriation account for the partnership’s first year of trading is: $ profit for the year 50 000 salary Anwar 10 000 profit available for distribution 40 000 By how much will Anwar’s total income increase? A $1000 B $6000 C $16 000 D $26 000

1 marks

Answer: B

This question in 0452/13 Oct/Nov 2021

20 Kasi and Ravi are in partnership. The financial statements for the year ended 31 August 2021 showed that Ravi was entitled to interest on capital and interest on loan and was charged interest on drawings. Which entries would be made in Ravi’s current account? interest on capital interest on loan interest on drawings debit credit debit credit debit credit A v v v B v v Cc v v v D v v

1 marks

Answer: C

This question in 0452/13 Oct/Nov 2021

24 What is the purpose of a partnership appropriation account? A to calculate partners’ salaries B to record partners’ drawings C to show the distribution of profits between partners D to show the movement on partners’ capital accounts

1 marks

Answer: C

This question in 0452/12 Feb/March 2022

25 James is a partner in a business. He made a loan to the business and received loan interest. What is the double entry in the books of the partnership for the loan interest James has received? debit credit A bank account James current account B interest on loan account bank account C interest on loan account James current account D James current account bank account

1 marks

Answer: B

This question in 0452/12 Feb/March 2022

23 What is the purpose of preparing a partnership appropriation account? A to calculate the interest to be charged on the drawings made by each partner B to calculate the interest to be paid on the capital invested by each partner C to show the amount of salary to which each partner is entitled D to show the division of the profit or loss for the year between the partners

1 marks

Answer: D

This question in 0452/11 May/June 2022

24 Raj and Seema are in partnership sharing profits and losses 2 : 1. Raj withdrew $5000 during the year and was charged interest at 3%. Seema did not make any withdrawals during the year. The profit for the year was $30 000. How much was credited to Raj’s current account at the end of the year? A $19 850 B $19 900 C $20 000 D $20 100

1 marks

Answer: D

This question in 0452/11 May/June 2022

18 Which item would not appear in the appropriation account of a partnership? A interest charged on partners’ drawings B interest paid on loans from partners C interest paid on partners’ capital D salaries paid to partners

1 marks

Answer: B

This question in 0452/12 May/June 2022

19 Carol and Denise are in partnership sharing profits and losses in the ratio 2 : 1. Denise’s current account balances were as follows. at 1 May 2021 $2000 debit at 1 May 2022 $7000 credit She had made no drawings during the year. What was the total profit made by the partnership in the year ended 30 April 2022? A $9000 B $15 000 C $18 000 D $27 000

1 marks

Answer: D

This question in 0452/12 May/June 2022

20 Which statements are correct? 1 A debenture holder of a limited company is liable for the debts of the company. 2 A partner is liable to pay business debts from personal assets. 3 A shareholder of a limited company is responsible for the company’s debts. 4 A sole trader is responsible for all the debts of his business. A 1 and 2 B 1 and 3 C 2 and 4 D 3 and 4

1 marks

Answer: C

This question in 0452/12 May/June 2022

18 Which item would not appear in the appropriation account of a partnership? A interest charged on partners’ drawings B interest paid on loans from partners C interest paid on partners’ capital D salaries paid to partners

1 marks

Answer: B

This question in 0452/13 May/June 2022

19 Carol and Denise are in partnership sharing profits and losses in the ratio 2 : 1. Denise’s current account balances were as follows. at 1 May 2021 $2000 debit at 1 May 2022 $7000 credit She had made no drawings during the year. What was the total profit made by the partnership in the year ended 30 April 2022? A $9000 B $15 000 C $18 000 D $27 000

1 marks

Answer: D

This question in 0452/13 May/June 2022

20 Which statements are correct? 1 A debenture holder of a limited company is liable for the debts of the company. 2 A partner is liable to pay business debts from personal assets. 3 A shareholder of a limited company is responsible for the company’s debts. 4 A sole trader is responsible for all the debts of his business. A 1 and 2 B 1 and 3 C 2 and 4 D 3 and 4

1 marks

Answer: C

This question in 0452/13 May/June 2022

20 What may appear in a partnership appropriation account? A capital and current account balances B interest on drawings and interest on partners’ loans C partners’ salaries, drawings and profit for the year D partners’ salaries, interest on capital and profit shares

1 marks

Answer: D

This question in 0452/11 Oct/Nov 2022

21 Anne and Paul are in partnership. How would interest on Anne’s capital be recorded in the ledger accounts of the partnership? A credited to Anne’s capital account B debited to Anne’s capital account C credited to Anne’s current account D debited to Anne’s current account

1 marks

Answer: C

This question in 0452/11 Oct/Nov 2022

20 What may appear in a partnership appropriation account? A capital and current account balances B interest on drawings and interest on partners’ loans C partners’ salaries, drawings and profit for the year D partners’ salaries, interest on capital and profit shares

1 marks

Answer: D

This question in 0452/13 Oct/Nov 2022

21 Anne and Paul are in partnership. How would interest on Anne’s capital be recorded in the ledger accounts of the partnership? A credited to Anne’s capital account B debited to Anne’s capital account C credited to Anne’s current account D debited to Anne’s current account

1 marks

Answer: C

This question in 0452/13 Oct/Nov 2022

23 How is interest on drawings recorded in the books of a partnership? debit credit A appropriation account partner’s capital account B appropriation account partner’s current account C partner’s capital account appropriation account D partner’s current account appropriation account

1 marks

Answer: D

This question in 0452/12 Feb/March 2023

24 Javed and Yani were in a partnership, sharing profits and losses equally. The residual profit for the year, after appropriation, was $47 000. Yani provided the following information. Yani $ interest on capital 2 400 interest on drawings 600 salary 3 000 drawings 18 000 Yani’s current account balance at the start of the year was $1500 credit. What was Yani’s current account balance at the end of the year? A $5800 credit B $8200 credit C $8800 credit D $11 800 credit

1 marks

Answer: D

This question in 0452/12 Feb/March 2023

23 What is included in an appropriation account of a partnership? 1 annual salary to which each partner is entitled 2 drawings made by each partner during the year 3 the closing balance on each partner’s capital account 4 the division of residual profit between the partners A 1, 2 and 3 B 1 and 4 C 2 and 3 only D 4 only

1 marks

Answer: B

This question in 0452/11 May/June 2023

24 X and Y are in partnership with capital of $50 000 and $30 000 respectively. The partnership agreement provides that profits are to be shared in proportion to capital invested and each partner is entitled to 10% interest on capital. Profit for the year was $37 000. What was the total amount credited to Y’s current account at the end of the year? A $10 875 B $13 875 C $18 125 D $23 125

1 marks

Answer: B

This question in 0452/11 May/June 2023

23 Which item is added to the profit for the year in a partnership appropriation account? A interest on capital B interest on drawings C partners’ drawings D partners’ salaries

1 marks

Answer: B

This question in 0452/12 May/June 2023

24 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 $12 600. 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

1 marks

Answer: C

This question in 0452/12 May/June 2023

23 Which item is added to the profit for the year in a partnership appropriation account? A interest on capital B interest on drawings C partners’ drawings D partners’ salaries

1 marks

Answer: B

This question in 0452/13 May/June 2023

24 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 $12 600. 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

1 marks

Answer: C

This question in 0452/13 May/June 2023

24 Pari and Ira are in a partnership, sharing profits and losses equally. Interest on the capital account balances is allowed at 6% per annum. Pari is entitled to a salary of $5000 per annum. The capital account balances at the start of the year were $60 000 for Pari and $40 000 for Ira. The profit for the year was $27 500. How much residual profit was credited to Pari’s current account at the end of the year? A $8250 B $10 750 C $11 250 D $13 250

1 marks

Answer: A

This question in 0452/11 Oct/Nov 2023

22 Josh and Karen are in a partnership sharing profits and losses 3 : 2. Interest on capital is allowed at 5%. Salary payable to Josh is $10 000 per annum. The residual profit after deduction of salary and interest on capital was $20 000. The capital account balances at the start of the year were: Josh $60 000 and Karen $40 000. What was the total amount credited to Josh’s current account at the end of the year? A $12 000 B $15 000 C $22 000 D $25 000

1 marks

Answer: D

This question in 0452/12 Oct/Nov 2023

23 A partner is charged interest on the drawings he made during a financial year. How is this recorded in the partner’s accounts? A credit the partner’s capital account B credit the partner’s current account C debit the partner’s capital account D debit the partner’s current account

1 marks

Answer: D

This question in 0452/12 Oct/Nov 2023

24 Pari and Ira are in a partnership, sharing profits and losses equally. Interest on the capital account balances is allowed at 6% per annum. Pari is entitled to a salary of $5000 per annum. The capital account balances at the start of the year were $60 000 for Pari and $40 000 for Ira. The profit for the year was $27 500. How much residual profit was credited to Pari’s current account at the end of the year? A $8250 B $10 750 C $11 250 D $13 250

1 marks

Answer: A

This question in 0452/13 Oct/Nov 2023

24 What are advantages to a sole trader of forming a partnership? 1 All partners would be entitled to drawings and dividends. 2 Profits would be shared with the partners. 3 The partners may bring additional skills and experience. 4 The partners would share responsibility for running the business. A 1, 2 and 3 B 1 and 2 only C 3 only D 3 and 4

1 marks

Answer: D

This question in 0452/12 Feb/March 2024

25 X, Y and Z are partners sharing profits and losses in the ratio 5 : 3 : 2. Their business made a profit for the year of $8000. They provided the following information. partner X partner Y partner Z total $ $ $ $ partner's salary – – 1500 1500 interest on capital 500 300 200 1000 interest on drawings – 50 100 150 What was Z’s share of the residual profit? A $1070 B $1130 C $1530 D $1730

1 marks

Answer: B

This question in 0452/12 Feb/March 2024

22 What is shown in a partnership appropriation account? A the capital contributed by each partner B the distribution of profit/loss among the partners C the partners’ current account balances D the interest on a partner’s loan account

1 marks

Answer: B

This question in 0452/11 May/June 2024

23 Rajid and Sunil formed a partnership on 1 January 2019 but did not prepare a partnership agreement. They provided the following information. Rajid Sunil capital introduced 1 January 2019 $40000 $20000 during the year ended 31 December 2019 drawings $5000 $3500 share of work 50% 50% They decided to draw up a partnership agreement for future years. Which item would be most beneficial to Rajid in 2020? A interest on capital B interest on drawings C limit on annual drawings D partnership salaries

1 marks

Answer: A

This question in 0452/11 May/June 2024

22 Where is interest on drawings entered in the accounting records of a partnership business? appropriation partner’s capital partner's current account account account A debit no entry credit B credit no entry debit C debit credit no entry D credit debit no entry

1 marks

Answer: B

This question in 0452/12 May/June 2024

22 Where is interest on drawings entered in the accounting records of a partnership business? appropriation partner’s capital partner's current account account account A debit no entry credit B credit no entry debit C debit credit no entry D credit debit no entry

1 marks

Answer: B

This question in 0452/13 May/June 2024

22 John and Mark are in partnership. Profits and losses are shared in the ratio 3:2. John is entitled to an annual salary of $12000. The profit for the year ended 31 August 2023 was $52000. How much would be credited to the partners’ current accounts on 31 August 2023? John’s Mark’s current account current account $ $ A 24000 16000 B 26000 26000 C 31200 20800 D 36000 16000

1 marks

Answer: D

This question in 0452/11 Oct/Nov 2024

22 What is an advantage to a trader of forming a partnership? A continuity of existence B decision making is quicker C profits are shared D risks are shared

1 marks

Answer: D

This question in 0452/12 Oct/Nov 2024

23 Which items should be entered in the appropriation account of a partnership? interest on interest on partners’ partners’ partners’ drawings drawings loans A ✓ B ✓ ✓ C ✓ ✓ D ✓ ✓

1 marks

Answer: A

This question in 0452/12 Oct/Nov 2024

22 John and Mark are in partnership. Profits and losses are shared in the ratio 3:2. John is entitled to an annual salary of $12000. The profit for the year ended 31 August 2023 was $52000. How much would be credited to the partners’ current accounts on 31 August 2023? John’s Mark’s current account current account $ $ A 24000 16000 B 26000 26000 C 31200 20800 D 36000 16000

1 marks

Answer: D

This question in 0452/13 Oct/Nov 2024

23 Ann and Ben are in partnership, sharing profits and losses equally. They provided the following information for the year ended 30 April. $ profit for the year 20000 interest on capital: Ann 5000 Ben 4000 drawings: Ann 8000 Ben 7000 What was Ben’s share of the residual profit? A $5500 B $10000 C $13000 D $14500

1 marks

Answer: A

This question in 0452/12 Feb/March 2025

24 Frankie is a partner. He has both a capital account and a current account. Which statement is correct? A Any loans he makes to the partnership are added to his capital account balance. B He can have a debit balance on his current account but not on his capital account. C Interest on drawings would increase a credit balance on his current account. D The balance on his capital account falls when his drawings exceed his share of profit.

1 marks

Answer: B

This question in 0452/12 Feb/March 2025

22 What is an advantage to a sole trader of forming a partnership? A Decisions are always acted on immediately. B Decisions are taken by the directors. C Partners share profits and losses. D Partners share the responsibilities.

1 marks

Answer: D

This question in 0452/11 May/June 2025

23 Which statements are correct in relation to the financial statements of a partnership? 1 Interest on partners’ capital is shown as an expense in the income statement. 2 Interest on partners’ drawings is added to the profit for the year in the appropriation account. 3 Partners’ current account balances are shown in the statement of financial position. 4 Partners’ salaries are shown as an expense in the income statement. A 1 and 2 B 2 and 3 C 2 and 4 D 3 and 4

1 marks

Answer: B

This question in 0452/11 May/June 2025

22 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 $75 000. Ann’s share of the residual profit was $24 000. What salary was Bob entitled to? A $13333 B $15000 C $16000 D $31000

1 marks

Answer: B

This question in 0452/12 May/June 2025

22 What is an advantage to a sole trader of forming a partnership? A Decisions are always acted on immediately. B Decisions are taken by the directors. C Partners share profits and losses. D Partners share the responsibilities.

1 marks

Answer: D

This question in 0452/13 May/June 2025

23 Which statements are correct in relation to the financial statements of a partnership? 1 Interest on partners’ capital is shown as an expense in the income statement. 2 Interest on partners’ drawings is added to the profit for the year in the appropriation account. 3 Partners’ current account balances are shown in the statement of financial position. 4 Partners’ salaries are shown as an expense in the income statement. A 1 and 2 B 2 and 3 C 2 and 4 D 3 and 4

1 marks

Answer: B

This question in 0452/13 May/June 2025

22 Jack and Gill are setting up in business as partners and are considering writing up a partnership agreement. What is not included in any partnership agreement drawn up by them? A the rate of interest to be charged on drawings B the rate of interest to be paid on a loan from a partner C the rate of interest to be paid on a loan received from the bank D the rate of interest to be paid on the capital invested by each partner

1 marks

Answer: C

This question in 0452/12 Oct/Nov 2025

23 Raj and Rohit are in partnership sharing profits and losses in the ratio of 2:1. Raj is entitled to an annual salary of $3000. The profit for the year was $14100 for the year ended 31 December 2024. On 1 January 2024, Raj’s current account had a debit balance of $1800. What was the credit balance on Raj’s current account on 1 January 2025? A $8600 B $10400 C $12200 D $12400

1 marks

Answer: A

This question in 0452/12 Oct/Nov 2025

23 X and Y have set up a partnership sharing profits in the ratio 2 : 1. The profit for the first year of trading was $33 000. X is entitled to interest on capital of $2000, and Y receives a partner’s salary of $4000. Interest on drawings charged is $200 for X and $100 for Y. What is X’s share of the residual profit for the year? A $17 800 B $18 000 C $18 200 D $21 000

1 marks

Answer: C

This question in 0452/13 Oct/Nov 2025

24 What is the correct order of preparing accounts for a partnership? A appropriation account →sales account →current accounts B appropriation account →current accounts →sales account C sales account →appropriation account →current accounts D current accounts →appropriation account →sales account

1 marks

Answer: C

This question in 0452/13 Oct/Nov 2025