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ScotlandAccountingQuick questions
Preparing Financial Accounting Information
Quick questions on Partnership accounts - SQA Higher Accounting
3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
Profit is £30,000, interest on capital totals £4,000 and one salary is £6,000. There is no interest on drawings. Calculate the residual profit.
What is q2?Show answer
A residue of £20,000 is shared 3:1. Calculate each partner's share. [2 marks]
What is q3?Show answer
State where a partner's drawings are recorded when fixed capital accounts are used. [1 mark]
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