What this practice covers
These questions are drawn from past CIE 9706 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 from the profit available instead of adding it.
- Sharing profit in the ratio of capital balances when a profit-sharing ratio is given.
- Applying the Partnership Act defaults when an agreement exists, or forgetting them when it does not.
- Crediting goodwill to the new partners in the new ratio when creating it. It is created in the old ratio.
- 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.