Accounting Multiple Choice Question – 9 May 2022

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Accounting
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Ken and Harold had been in partnership sharing profits and losses equally.

On 1 July 2021, Edgar was admitted as partner and the three partners shared profits and losses equally.

On that date assets were revalued and there was a profit on revaluation, £36 000.

What were the accounting entries to record the profit on revaluation?

Select ONE answer:

  1. credit Ken current account £18,000, credit Harold current account £18,000
  2. credit Ken current account £12,000, credit Harold current account £12,000, credit Edgar current account £12,000
  3. credit Ken capital account £18,000, credit Harold capital account £18,000
  4. credit Ken capital account £12,000, credit Harold capital account £12,000, credit Edgar capital account £12,000

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 3

  1. Not correct
  2. Not correct
  3. Correct
  4. Not correct

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Author: stuart001uk2014

Referral marketing, business, economics and accounting s​pecialist & corporate mentor

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