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X and Y are in partnership sharing profits and losses equally. The following information was extracted from their financial records at 31 December.
interest on capital – X 1300
………………………..– Y 1100
salary………………. – Y 4000
The profit for the year was $24200.
What was Y’s share of the residual profit?
A $8900
B $10200
C $12900
D $14000
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Can’t really figure out the route to the answer. Moreover the salary part is confusing, help please.Partnerships are not examinable in Paper F3. They were removed from the syllabus a long long time ago!!!
I guess I’m doing an exam kit based on an old syllabus?
It’s BPP 2010
Are there any other omitting or adding I should do when relying on this exam kit?
(Although I plan to do a more latest exam kit after I finish this one)A lot has changed since 2010 – you need to look at the syllabus on the ACCA website.
You must get a new Revision Kit quickly – the syllabus has changed, the terminology has changed, and the format of the exam has changed.
If you watch our free lectures then they are a complete course for F3 and cover everything you need to pass well (and are up-to-date!!). But you must practice questions from a current edition of the Revision Kit.
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