Answered step by step
Verified Expert Solution
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
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
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