Gce Model Questions Vol1 2023 Financial Accounting Question 28
Practice objective / multiple choice question 28 from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
Partners X, Y and Z share profits in the ratio 4:3:3. Their opening capitals are \(\pounds40,000\), \(\pounds30,000\) and \(\pounds30,000\) respectively. During the year the partnership earned a net profit of \(\pounds15,000\). A piece of equipment with a book value of \(\pounds10,000\) was sold for \(\pounds8,000\) (a loss of \(\pounds2,000\)), and the loss is to be shared in the profit‑sharing ratio. Goodwill of \(\pounds12,000\) is written off equally among the partners. At the end of the year the partnership is dissolved and the remaining cash after settling all liabilities is \(\pounds50,000\). How much cash does each partner receive on dissolution?
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About This Question
This is Gce Model Questions Vol1 2023 Financial Accounting Question 28. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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