Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ix The value of stock as per trial balance is RO. 50,000, at the time of revaluation it decreases to RO. 40,000.What amount you need

image text in transcribed
ix The value of stock as per trial balance is RO. 50,000, at the time of revaluation it decreases to RO. 40,000.What amount you need to show in debit side of the revaluation account in the above situation. a. None of the other options O b.RO. 60,000 O C. RO. 10,000 d. RO. 50,000 Khalid and Brothers a partnership firm based in Ibri, earns RO. 90,000 as its average profits in the last year. The usual rate of earning is 15%. The total assets of the firm amounted to RO. 680,000 and liabilities are RO. 480,000. You are required to choose the value of net assets as per capitalization of average profit method. O a. RO 400,000 O b. RO 200,000 O c. RO 600,000 O d. None of the other options

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

blur-text-image

Step: 3

blur-text-image

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

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

19th Edition

1292255994, 9781292255996

More Books

Students also viewed these Accounting questions

Question

If the person is a professor, what courses do they teach?

Answered: 1 week ago

Question

Formal language and automata theory question

Answered: 1 week ago

Question

8. How are they different from you? (specifically)

Answered: 1 week ago