Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

partnership A,B and C are partners sharing profit and losses in a 3:2:1 ratio after salaries and interest on capital. Salaries allowed are =N=8,000 for

partnership
image text in transcribed
A,B and C are partners sharing profit and losses in a 3:2:1 ratio after salaries and interest on capital. Salaries allowed are =N=8,000 for C. Each partner is also credited for interest at 10% of Opening Capital; balances which on 1st of January were =N=35,000,=N=20,000.00 and =N=15,000 respectively. If the net profit for the year ended 31st December was =N=39,000, the earnings credited to B are: A).=N=16,000B).=N=11,000C).=N=12,000 D).=N=14,000 F)=N=13.000

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_2

Step: 3

blur-text-image_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

Financial Accounting

Authors: W. Steven Albrecht, James D. Stice, Earl Kay Stice, K. Fred Skousen, Albrecht S.E.

8th Edition

0324066708, 978-0324066708

More Books

Students explore these related Accounting questions

Question

What is a social role? (p. 30)

Answered: 3 weeks ago