Final accounts question
Options
jordanfisher
Registered Posts: 9
I'm just after some help, doing some practise assessments the question is about appropriation account a profit and partner leaving.
I have the following information;
Profit before appropriation is £84000, and £48000 after deductions this is correct as per the answers.
There are 3 partners, financial year starts April.
From April  30th June profits are A 30% B 50% and C 20%
From July  31st March profits are B 70% and C 30% as A has left.
Working from £48000 as the profit to be distrubted can you advise what you think the answer should be please. As what I have isn't right according to my answer sheet.
Thanks
I have the following information;
Profit before appropriation is £84000, and £48000 after deductions this is correct as per the answers.
There are 3 partners, financial year starts April.
From April  30th June profits are A 30% B 50% and C 20%
From July  31st March profits are B 70% and C 30% as A has left.
Working from £48000 as the profit to be distrubted can you advise what you think the answer should be please. As what I have isn't right according to my answer sheet.
Thanks
0
Comments

As no information is given I have to assume that profit is earned at an even rate.
................................3 mths to 30 Jun.........9 mths to 31 Mar
Profit available
for distribution........12,000...............................36,000
A 30%.......................3600..................................NIL
B 50%/ 70%.............6000..................................25,200
C 20%/30%...............2400.................................10,800
Is this the answer?0 
This is the answer I got too.
But the answer booklet is
A; 2700 & 0
B; 4500 & 27300
C; 1800 & 11700
Meaning 1st April  30th June total 9000
1st July  31st March total 390000 
Which book is it from? They either missed information out from the question or their answer is wrong.5

Osborne 2013 practise assessment 2. From the tutor zone book.
I'm happy knowing that I got the same answer as you so that's fine :) thanks for your help0
Categories
 All Categories
 1.2K Books to buy and sell
 2.3K General discussion
 12.4K For AAT students
 296 NEW! Qualifications 2022
 153 General Qualifications 2022 discussion
 11 AAT Level 2 Certificate in Accounting
 54 AAT Level 3 Diploma in Accounting
 76 AAT Level 4 Diploma in Professional Accounting
 8.8K For accounting professionals
 23 coronavirus (Covid19)
 271 VAT
 92 Software
 271 Tax
 135 Bookkeeping
 7.2K General accounting discussion
 198 AAT member discussion
 3.8K For everyone
 38 AAT news and announcements
 345 Feedback for AAT
 2.8K Chat and offtopic discussion
 581 Job postings
 16 Who can benefit from AAT?
 36 Where can AAT take me?
 42 Getting started with AAT
 26 Finding an AAT training provider
 48 Distance learning and other ways to study AAT
 25 Apprenticeships
 66 AAT membership