What this practice covers
These questions are drawn from past CIE 0452 Accounting papers and filtered to partnerships. You answer, you find out immediately whether you were right, and you get the reasoning for the correct option and for each distractor. Wrong answers go to a mistakes locker so you can come back to exactly those.
Practice is free. You need an account only so your progress and your mistakes are still there next time.
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What examiners see students get wrong here
These are the errors that cost marks on partnerships, taken from our own topic notes. Read them before you practise and you will recognise the traps in the questions.
- Treating a partner's salary or interest on capital as an expense in the income statement.
- Deducting interest on drawings instead of adding it.
- Sharing the profit in the ratio of the capital balances when a profit-sharing ratio is given.
- Applying the Partnership Act defaults when there is an agreement, or forgetting them when there is not.
- Sharing the whole profit before deducting salaries and interest on capital.
- Putting a debit balance on a current account among current assets.
- Charging interest on a partner's loan in the appropriation account. It is an expense.
Revise it first
If any of the above is unfamiliar, work through the notes before practising: Partnerships revision notes.