Accounting 9706 · AS & A Level · The accounting system
The accounting system — practice question
Wang and Yuan, who divide profits and losses in the ratio $2:1$, agreed to end their partnership. Their condensed statement of financial position on $30$ September $2015$ was as follows:
(a)[5]
Prepare the partnership realisation account.
(b)[7]
Calculate the amount due to each partner when the bank account is closed on dissolution.
(c)[2]
State two reasons why a partner may have an overdrawn current account.
(d)[1]
State why partnerships maintain separate capital accounts for each partner.
Worked solution & mark scheme
This 15-mark question has a full step-by-step worked solution and mark scheme.