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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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✨ Revision guide includes key terms, worked examples and exam technique for Financial Statements: Partnership Accounts.

Try 2 sample questions on Financial Statements: Partnership Accounts

Question 1 · 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. $8,400 credit
  2. $8,400 debit
  3. $3,400 credit
  4. $5,400 credit
Show answer & explanation
✓ Answer: A — $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. C is incorrect — omits interest on capital. D is incorrect — calculation error. B is incorrect — treats credits as debits.
Question 2 · 1 mark · Difficulty 2/3

Hassan and Irene are partners with capital balances of $50,000 and $30,000 respectively. They share profits and losses in the ratio 2:1. The partnership agreement allows interest on capital at 8% per annum. The net profit for the year was $15,000. What is the residual profit to be shared between the partners?

  1. $8,600
  2. $9,600
  3. $15,000
  4. $21,400
Show answer & explanation
✓ Answer: A — $8,600
Award 1 mark for correct calculation. Interest on capital: Hassan = $50,000 × 8% = $4,000; Irene = $30,000 × 8% = $2,400. Total interest = $6,400. Residual profit = $15,000 − $6,400 = $8,600. B is incorrect — calculation error. C is incorrect — does not deduct interest on capital. D is incorrect — adds interest to profit instead of deducting.
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CIE IGCSE Accounting: Financial Statements: Partnership Accounts FAQ

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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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