Accounting 9706 · AS & A Level · The accounting system
The accounting system — practice question
Angela, Beena and Cai formed a partnership and shared profits and losses in the ratio of $4 : 3 : 1$. The partnership was dissolved on 30 September 2017. The information below is available.
(a)[6]
Prepare the realisation account when the partnership is dissolved.
(b)[3]
Calculate the sum to be paid to Beena when the partnership is dissolved.
(c)[2]
State two items that may be contained in a partnership agreement.
(d)[4]
Explain why each partner may keep a separate capital account and current account.
Worked solution & mark scheme
This 15-mark question has a full step-by-step worked solution and mark scheme.