Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jan 08, 2021

X and Y are two partners with a capital of Rs. 30,000 and Rs. 20,000 respectively. They are allowed interest @10% on the total

X and Y are two partners with a capital of Rs. 30,000 and Rs. 20,000 respectively. They are allowed interest @10% on the total capital. If the profit before interest on capital is Rs. 4000, how much interest will be paid to the partners? A B C D Nil Rs. 1500, 1000 Rs. 2000, 3000 Rs. 1000, 1500

Step by Step Solution

★★★★★

3.49 Rating (159 Votes )

There are 3 Steps involved in it

Step: 1

Capital Capital of Y R 20000 Perofit Befperce So Xs i... blur-text-image

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

Recommended Textbook for

Federal Taxation 2018 Corporations, Partnerships, Estates & Trusts

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

31st Edition

134550923, 134550927, 978-0134550923

More Books

Students also viewed these Accounting questions

Question

★★★★★

For a hypothetical reaction of A --> B occurring in the cell, the AG is +3 kJ/mol and the AG is -2 kJ/mol for a reaction occurring at 25C. What is the ratio of [A]/[B] found in the cell? 0.13 2.01 5...

Answered: 1 week ago

Question

★★★★★

Do by charpit Method.,.. details solution please z+px-x^2yq^2-x^3pq=0

Answered: 1 week ago

Question

★★★★★

Consider a social welfare function that is given by the Atkinson index, m/(1-7) where y = 2. Consider two income distributions: in economy 1, the top 10% earns $100k and the remaining 90% earns $10k,...

Answered: 1 week ago

Question

★★★★★

1.The purpose of using a balanced scorecard is for: Multiple Choice A.companies to make sure their business activities align with strategy. B.companies to compare themselves with their competitors....

Answered: 1 week ago

Question

★★★★★

The Indonesian rupiah has recently weakened. Explain how each of the following is related to the weakening in value: (1) individual and business transactions, (2) inflation, (3) interest rates, and...

Answered: 1 week ago

Question

★★★★★

A regression model relating the number of salespersons at a branch office to annual sales at the office (in thousands of dollars) provided the following regression output. a. Write the estimated...

Answered: 1 week ago

Question

★★★★★

=+d) Which mutual fund would you invest in and why?

Answered: 1 week ago

Question

★★★★★

The accountant for Sierra Corp. prepared the following schedule of liabilities as of December 31, 2011. Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Answered: 1 week ago

Question

★★★★★

Muharraq Co., has Division A that manufactures and sells amber of parts, incholing Fan XYZ Datang XYZp Capacity in uni Selling price to outside customers Variable cost per unit 391 Fixed cost per...

Answered: 1 week ago

Question

★★★★★

On January 1, 2021, Gundy Enterprises purchases an office for $360,000, paying $60,000 down and borrowing the remaining $300,000, signing a 7%, 10-year mortgage. Installment payments of $3,483.25 are...

Answered: 1 week ago

Question

★★★★★

Multiple Choice Question Open market operations are the mechanism for directly altering the reserves of the banking system. tertiary secondary primary

Answered: 1 week ago

Question

★★★★★

Olsen & Alain, CPAs (O&A) performed the audit of Rocky Point Brewery (RPB), a public company in 20X1 and 20X2. In 20X2, O&A also performed tax services for the company. Which statement best describes...

Answered: 1 week ago

Question

★★★★★

The City by the Bay Chocolate Company makes world-class chocolate. They are preparing their Finished Goods Inventory Budget for next year. Each box of chocolate they make has the following costs:...

Answered: 1 week ago

Question

★★★★★

Determine the value of a stock with the following variables using the constant growth model: Current annual dividend: $3.25 per share Required return rate: 6% Constant growth rate: 5.5% $689.00...

Answered: 1 week ago

Question

★★★★★

The chief audit executive (CAF) determined that the residual risk identified in an assurance engagement is acceptable. When should this be communicated to senior management? A. When the CAE reports...

Answered: 1 week ago

Question

★★★★★

Parts a, b, c and d of this question are independent of one another. a) firm A wants to acquire firm B to achieve economies of scale. Does this motive make economic sense? Answer in terms of YES or...

Answered: 1 week ago

Question

★★★★★

The payroll records of Brownlee Company provided the following information for the weekly pay period ended March 23, 2018 Required: 1. Enter the relevant information in the proper columns of a...

Answered: 1 week ago

Question

★★★★★

Suppose that a business sells 6-month subscriptions to its monthly magazine. On January 1, the company receives a total of $600 for 10 subscriptions. To record this transaction, the company debits...

Answered: 1 week ago

Question

★★★★★

Why might a taxpayer choose to forego the foreign- earned income exclusion? If the taxpayer does so in the current tax year, what negative tax consequences might this choice have in future tax years?

Answered: 1 week ago

Question

★★★★★

Sec. 351 Requirements. Al, Bob, and Carl form West Corporation and transfer the following items to West: The common stock has voting rights. The preferred stock does not. a. Is the exchange...

Answered: 1 week ago

Question

★★★★★

Flying Gator Corporation and its 100%-owned subsidiary, T Corporation, have filed consolidated tax returns for many years. Both corporations use the hybrid method of accounting and the calendar year...

Answered: 1 week ago

Question

★★★★★

=+41. Ultra high performance concrete (UHPC) is a relatively new construction material that offers strong adhesive properties with other materials.The authors of Adhesive Power of Ultra High...

Answered: 1 week ago

Question

★★★★★

=+successes occur three times as frequently in population 1 as they do in population 2. Alternatively, if the s refer to success proportions for two different treatments, then a ratio of 3 implies...

Answered: 1 week ago

Question

★★★★★

=+28. The article The Effects of Cigarette Smoking and Gestational Weight Change on Birth Outcomes in Obese and Normal-Weight Women (Amer.

Answered: 1 week ago

Previous Question Next Question