Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question #2 (5 Marks) a) Marwan and Sami are partners in a partnership company. The company's income statement for the year 2020 showed a net

image text in transcribed
Question #2 (5 Marks) a) Marwan and Sami are partners in a partnership company. The company's income statement for the year 2020 showed a net loss of JD 10,000. Marwan gets an annual salary of 4,000 dinars, and sami receives a bonus of 10% of the net profit. Profits and losses are distributed equally between the two partners. Sami's share of the net income is:........... b) Sofian and Rami are partners in a firm. On 1/1/2020, capital balances in the partnership are $80000, 890000, respectively. Partner's Current Account balances are $30000 credit, $25000 credit, respectively. Partner's Drawings during the year are $10000, 85000, respectively. On 1/6/2020, Rami advanced a loan of $8000 to the firm for five years with a rate of 12% transfer to his current account every six months, Income ratios are equal. During 2020, the company Losses of $20000. Rami's Current Account balance at 31/12/2020 is: net

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

Financial Accounting

Authors: Michelle Hanlon, Robert Magee, Glenn Pfeiffer, Thomas Dyckman

5th Edition

1618531654, 9781618531650

More Books

Students also viewed these Accounting questions

Question

=+c) Compare your forecast to the actual value (by computing APE).

Answered: 1 week ago

Question

What are the current HRM challenges in the textile industry?

Answered: 1 week ago