Urban and Victoria are in partnership. They do not maintain separate current accounts. The following information is
Question:
Urban and Victoria are in partnership. They do not maintain separate current accounts.
The following information is available concerning Urban for the year ended 31 December 2014.
What is the balance of Urban's capital account at 31 December 2014?
A. $51,000
B. $59,000
C. $63,000
D. $65,000
Transcribed Image Text:
Capital account balance 1 January 2014 65 000 Drawings for the year 32 000 Interest on drawings 4 000 Salary 28 000 Share of profit for the year B 000 %24
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Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
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