Consider supporting us on Patreon. Help us keep revisedeck free.
3.1. Preparation of financial statements
A subsection of Accounting, 9706, through 3. Financial accounting (A Level)
Listing 10 of 678 questions
X and Y were in partnership sharing profit and losses equally. They then admitted Z into the partnership and profits and losses were still shared equally. The following transactions took place. Z introduced capital of $50 000. Goodwill was valued at $30 000. No goodwill account is kept in the books of account. X took a computer from the business at a value of $3000. After these transactions had taken place, the balance on X’s capital account was $60 000. What was the opening balance on X’s capital account?
9706_s16_qp_12
MCQ
2016
Paper 1, Variant 2
View
Questions Discovered
678