Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Answer the following questions using the information given below. Partner's Current Account A (Rs.) B (Rs.) B/F 2016.04.01 60.000 H/F 2016 04.01 Cash 20.000 Rent
Answer the following questions using the information given below. Partner's Current Account A (Rs.) B (Rs.) B/F 2016.04.01 60.000 H/F 2016 04.01 Cash 20.000 Rent Cost of sales 35,000 wages Interest on drawings 5,000 - Interest on capitals 2017.03.31 Cid 80.000 250.000 Share of profit 165.000 285.000 A (Rs.) B (RA) 50.000 60.000 100.000 120.000 40.000 30,000 25.000 25.000 165.000 285.000 A (Rs.) 30.000 Capital Account B (Rs.) 2016.04.01 BF 1,030,000 A (Rs.) 1.000.000 B (Rs.) 750.000 Goodwill 2017.03.31 Cid 970,000 250.000 30.000 1.000.000 1.030.000 1.000.000 1.030.000 April 2015 Calculate the value of Equity of the partnership A Rs. 1.000.000 B. Rs. 1.700,000 C. Rs. 1.740.000 D. Rs. 1.750,000 9. Calculate the net profit of the partnership for the year ended 31" March 2017 A. Rs. 50.000 B. Rs 340,000 C. Rs. 280,000 D. Rs. 335.000 10. According to the partnership agreement, partners have agreed to pay a minimum annual income to B and it has already been adjusted when distributing the profit. What is the minimum annual income agreed to pay for B? A. Rs. 25,000 B. Rs. 210,000 C. Rs. 175,000 D. Rs. 275.000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started