Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Qu 1 ut of Maali and Marwa are partners of Perfurme business sharing profit and loss in the ratio of 6:2. Their Balance Sheet as

image text in transcribed
Qu 1 ut of Maali and Marwa are partners of Perfurme business sharing profit and loss in the ratio of 6:2. Their Balance Sheet as on 31/12/19 shows OMR 35,000 as Profit and Loss A/c in the liabilities side. On 31-12-2020 they admit mizna, on that date, their Balance Sheet showed an amount of OMR 15,000 as Profit and Loss A/c in the Asset side. On the same Balance Sheet an reserve fund of OMR 19500 were found. Record necessary journal entries in Maali and Marwa Perfume business. 10 ution Finis

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

Accounting For Managers Interpreting Accounting Information for Decision Making

Authors: Paul M. Collier

4th edition

978-111997967, 1119979676, 978-1119979678

More Books

Students also viewed these Accounting questions