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

Please solve As soon as i have only one hour Solve quickly i get you thumbs up directly Thank's Abdul-Rahim Taysir Faris, Karim and Issam

Please solve As soon as i have only one hour Solve quickly i get you thumbs up directly Thank's Abdul-Rahim Taysir

Faris, Karim and Issam are partners in a solidarity company, sharing profits and losses equally. The following are some data related to partners 'withdrawals in 2019, noting that the interest rate on partners' withdrawals is 6% annually.

On 1/3, the partner Faris withdrew in cash an amount of 6000 dinars to pay the tuition installments owed by his children.

On 1/5, the partner Karim withdrew a commodity whose cost was 4000 dinars and the selling price was 125% of the cost price.

On 1/6, the partner Fares withdrew by check an amount of 4000 dinars to pay for his wife's treatment.

On 1/8, the company gave one of its cars to the partner Essam for an amount of 13,000 dinars, noting that the historical cost of the car is 18,000 dinars, and its combined depreciation is 4,000 dinars.

On 1/9, partner Fares paid in cash 50% of his withdrawals that he received on 1/3 and a quarter of his withdrawals obtained on 1/6.

On 1/12 the partner Karim paid the full value of his withdrawals and the interest owed on them by check. On December 31, partner Fares paid the remainder of his withdrawals in cash, and paid the interest on the full value of his withdrawals by check. (3): The amount paid by the partner Fares, by check on 12/31/2019 AD, amounts to: A) 6000 dinars. B) 105 dinars. C) 255 dinars. D) 360 dinars. E) None of the above. (4): It appears on the debit side of the closing account / withdrawals of partner Fares on 12/31/2019: A) H / Partner Fares withdrawals at an amount of 10,000 dinars. B) H / Partner Fares withdrawals at an amount of 6000 dinars. C) H / the partner's neighbor is Faris, at an amount of 6000 dinars. D) H / the partner's neighbor is Faris, with an amount of 10,000 dinars. E) None of the above. (5): The h / summary of income (h / profits and losses) appears on the credit side of the interest closing entry of partners' withdrawals on 12/31/2019 in the amount of: A) 360 dinars. B) 860 dinars. C) 500 dinars. D) 140 dinars. E) None of the above.

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

Principles Of Accounting

Authors: Steven M. Bragg

1st Edition

1642210773, 978-1642210774

More Books

Students explore these related Accounting questions

Question

develop your skills of project planning.

Answered: 3 weeks ago

Question

evaluate different research strategies;

Answered: 3 weeks ago