Prepare Final Accounts for Sole Traders & Partnerships - CBT sample assessment 1
Crow
Registered Posts: 3
Can anyone assist me with question 5a - Profit of £42600 to be shared at a ratio of 2:3 between two partners. I calculated the first partner as having £17040 and the second as having ££25560, but the actual answer from the CBT model answers is £17400 and £25280, which totals £42960? I cannot figure out how this answer has been obtained. Can anyone explain please?
0
Comments
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Hey Crow, I also couldn't figure that answer out until I looked at the trial balance.
So it's :
£17,040 + 360 (credit)
£25,560 - 280 (debit)0 -
Thank you so much! That solves the mystery - appreciate your help.0
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