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Financial Statements: Partnership Accounts
Practice Questions

20 CIE IGCSE Accounting questions on Financial Statements: Partnership Accounts, each with instant feedback and a full examiner-style mark scheme.

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Try 2 sample questions on Financial Statements: Partnership Accounts

Question 1 · 1 mark · Difficulty 2/3

Chen, Devi and Farah are partners sharing profits and losses equally. Chen is entitled to a partnership salary of $18,000 per year. The partnership made a net loss of $9,000 for the year ended 30 June 2024. How should this loss be appropriated?

  1. Each partner is debited with $3,000 in the appropriation account
  2. Chen receives $18,000 salary; each partner is then debited with $9,000
  3. No appropriations are made as the partnership made a loss
  4. Chen receives $18,000 salary; the remaining loss is shared equally
Show answer & explanation
✓ Answer: B — Chen receives $18,000 salary; each partner is then debited with $9,000
Award 1 mark for understanding that appropriations (including salaries) are made before sharing residual profit or loss. Net loss $9,000 + salary $18,000 = $27,000 to be shared. Each partner's share = $27,000 ÷ 3 = $9,000 debit. A is incorrect — ignores the salary appropriation. C is incorrect — appropriations are still made regardless of profit or loss. D is incorrect — the salary creates an additional amount to be shared, not a separate treatment.
Question 2 · 1 mark · Difficulty 2/3

Lena and Maria are partners using the fixed capital method. On 1 January 2024, Lena's current account had a credit balance of $2,400. During the year, Lena's share of profit was $18,000, her drawings were $15,000, and interest on capital was $3,000. What is the balance on Lena's current account at 31 December 2024?

  1. $3,400 credit
  2. $5,400 credit
  3. $8,400 credit
  4. $8,400 debit
Show answer & explanation
✓ Answer: C — $8,400 credit
Award 1 mark for correct calculation. Opening balance $2,400 Cr + Share of profit $18,000 + Interest on capital $3,000 − Drawings $15,000 = $8,400 Cr. A is incorrect — omits interest on capital. B is incorrect — calculation error. D is incorrect — treats credits as debits.
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CIE IGCSE Accounting: Financial Statements: Partnership Accounts FAQ

How many CIE IGCSE Accounting questions on Financial Statements: Partnership Accounts are there on Kramizo?
Kramizo currently has 20 exam-board-aligned practice questions on Financial Statements: Partnership Accounts for CIE IGCSE Accounting, with new questions added every week. Each question gives you instant feedback and a full examiner-style mark scheme that tells you exactly what would earn marks on a real CIE paper. The questions span the full difficulty range — from straightforward recall (level 1) right up to multi-step reasoning and evaluation (level 3) — so the bank works for first-pass revision and final exam-week stress testing alike.
Is Kramizo free for CIE IGCSE students preparing for Accounting?
Yes — completely free. Every student gets 45 questions a day on the free plan, with no card required and no trial countdown. That free quota works across every subject and every topic in our bank, so you can mix Financial Statements: Partnership Accounts practice with other Accounting topics or even switch to a totally different CIE subject without paying anything. Kramizo's optional Pro plan removes the daily cap and adds detailed progress analytics, but the free tier is the real product — used by thousands of GCSE, IGCSE and CSEC students.
Are the Financial Statements: Partnership Accounts questions aligned to the official CIE IGCSE Accounting syllabus?
Every question is written against the published CIE IGCSE Accounting specification, including the exact command words (state, describe, explain, calculate, evaluate, etc.), mark allocations, and difficulty tier you'd see on a real CIE paper. Explanations are written in the style of official examiner mark schemes — they tell you what is being awarded marks and why distractors are wrong, not just whether you got it right. The bank is continually refined to match the latest syllabus updates from CIE.
How is Financial Statements: Partnership Accounts typically tested on CIE IGCSE Accounting papers?
Financial Statements: Partnership Accounts appears across multiple question types on real CIE IGCSE Accounting papers — most commonly as multiple-choice questions in the objective section, structured short-answer questions in the main paper, and occasionally as part of an extended response. Kramizo's practice bank reflects that mix: 4-option MCQs, true/false statements, fill-in-the-blank key terms, multi-select questions, and ordering questions. Working through the bank gives you exposure to every question style examiners actually use.

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