Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 Not yet answered Marked out of 10 P Flag question The following elements are provided for a manufacturing firm, raw materials (i) carriage

image text in transcribed
image text in transcribed
Question 1 Not yet answered Marked out of 10 P Flag question The following elements are provided for a manufacturing firm, raw materials (i) carriage on raw materials C) maintenance of plant (iv) factory wages (V) insurance for warehouse (vi) depreciation of office furniture (vii) salesmen commission (viii) royalties (ix) supervisors salary (*) depreciation of office computers Which combination would comprise of the prime cost? Select one O A CD). (6), (iii), (ix) OB.O. (iv), (vill) OC.0.0), (iv), (vii) OD. (O).().ci), (iv), )(vili), (ix) X, Y and Z are partners sharing profits and losses in the ration of 1:2:3 respectively, for the year ended 31st December 2020 The following represents their capital and current accounts Capital accounts PartnerX 102,000 Partner Y75,000 Partner Z 48,000 Current accounts PartnerX 60,000 Cr Partner Y 40,000 Cr Partner Z 20,000 Dr Additional information is provided below: Only partner Z receives a salary of 12,000 for the whole year The partnership has made a loss of of ksh53,000 for the year ended 31st December 2020. Drawings for X, Y and Z was Sh. 16,000, Sh. 28,000 and Sh. 14,000 respectively. Their partnership agreement allows for a 10% interest on capital a/c balances and 5% on drawings. Compute the share of profit for each partner Select one: O A. X sh 14100, Y sh 28200, and Z sh 42300 OB. X sh (14100), Y sh (28200), and Z sh (42300) OC. X sh 10,200, Y sh 7500, and Z sh4800 O D. X sh 800, Y sh 1400, and Z sh 700

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

Managing The Audit Function A Corporate Audit Department Procedures Guide

Authors: Michael P. Cangemi, Tommie W. Singleton

3rd Edition

0471281190, 978-0471281191

More Books

Students also viewed these Accounting questions

Question

1. Define and explain culture and its impact on your communication

Answered: 1 week ago