Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plz solve! Mr. Mansoor and Ms. Rehma who are partners in a firm and their capital accounts showed a balance of OMR200,000 and OMR 150,000

plz solve!
image text in transcribed
Mr. Mansoor and Ms. Rehma who are partners in a firm and their capital accounts showed a balance of OMR200,000 and OMR 150,000 respectively on Jan 1, 2015, Mt. Mansoor introduced additional capital of OMR 100.000 on August 1, 2015 and Me Rehma brought in further capital of OMR 150.000 on October 1, 2015. Interest is to be allowed pa on the capita Calculate the interest on capital of Mt. Mansoor for the year ending Dec 2015 OMR 12.000 OUR 2.500 OMR 16.000 OMSESO NOR You are given the following details of a firm OMR tot Total assets 80,000 estion External liabilities 35,000 Average profits OMR 6,000 Normal rate of profit- 12% What is the capitalized value of the firm: OMR 45.000 None of the listed choices OMR 50.000 OMR 5000 The motive for charging interest on drawings us to 12 The motive for charging interest on drawings is to: To encourage partners from drawing fewer amounts of money from the business None of these To encourage partners from drawing large amounts of money from the business. To prevent partners from drawing large amounts of money from the business. The present value of a firm's anticipated excess earning is called Goodwill Capital Asset Liability

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

A Simplify Way Of Practicalise Auditing Profession

Authors: DR LUKMAN A ABATAN

1st Edition

B09YVKHT6X, 979-8800165050

More Books

Students also viewed these Accounting questions