• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Ask AI
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • FIA Forums
  • CIMA Forums
  • OBU Forums
  • Qualified Members forum
  • Buy/Sell Books
  • All Forums
  • Latest Topics

March 2026 ACCA Exams Results

Comments & Instant poll

Save 20% on ACCA & CIMA Books

Interactive BPP books for June 2026 exams, recommended by OpenTuition.
Get discount code >>

Partnership Current Account

Forums › FIA Forums › Partnership Current Account

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by AvatarKen Garrett.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 14, 2019 at 4:58 pm #523076
    Avatarchrismchale
    Member
    • Topics: 2
    • Replies: 1
    • ☆

    Hi I am having trouble trying to figure out this question. It is taken from an online mock test

    17. Michael and Donald have been in partnership for several years, sharing profits and losses in the ratio 3 : 4. At 1 January they had the following credit balances on their capital and current accounts.
    Capital Current
    Michael $65,000 $11,486
    Donald $80,000 $9,637

    The partnership statement of profit or loss for the year to 31 December shows a net profit of $28,595 and the partners have made drawings of $16,500 each. What is the balance on Michael’s current account at 31 December?

    Can you help me with this?
    I have tried to figure it out but no hope.

    Thank you
    Chris

    July 22, 2019 at 7:31 am #524538
    AvatarKen Garrett
    Keymaster
    • Topics: 10
    • Replies: 10653
    • ☆☆☆☆☆

    Michael’s starts with 11,486 (presumably Cr)

    From this, subtract drawings of 16,500 and add his share of profits 3/7 x 28,595

    So 11,486 – 16,500 + 12,255 = 7,241.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

ACCA CBE Exams – Instant Poll

How was your exam, and what was the exam result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Donate

If you have benefited from OpenTuition please donate.

PQ Magazine

Latest Comments

  • mrjonbain on IASB Conceptual Framework – Introduction – ACCA Financial Reporting (FR)
  • mrjonbain on IASB Conceptual Framework – Introduction – ACCA Financial Reporting (FR)
  • AllisonHoang on MA Chapter 2 Questions Sources of Data
  • zuluthanda1@gmail.com on IASB Conceptual Framework – Introduction – ACCA Financial Reporting (FR)
  • John Moffat on Accounting for Management – ACCA Management Accounting (MA)

Copyright © 2026 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in

Cookies
We serve cookies. If you think that's ok, just click "Accept all". You can also choose what kind of cookies you want by clicking "Settings". Read our cookie policy
Settings Accept all
Cookies
Choose what kind of cookies to accept. Your choice will be saved for one year. Read our cookie policy
  • Necessary
    These cookies are not optional. They are needed for the website to function.
  • Statistics
    In order for us to improve the website's functionality and structure, based on how the website is used.
  • Experience
    In order for our website to perform as well as possible during your visit. If you refuse these cookies, some functionality will disappear from the website.
  • Marketing
    By sharing your interests and behavior as you visit our site, you increase the chance of seeing personalized content and offers.
Save Accept all