Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to a partner in a partnership for the year ended 28 February 2023: Partner's salaries R200 000; Interest on capital R30

The following information relates to a partner in a partnership for the year ended 28 February 2023: Partner's salaries R200 000;

Interest on capital R30 000; Drawings R250 000; Interest on drawings R5 000; Profit share R60 000; Current account credit balance on 28 February 2023 R25 000. What was the balance in the Current account of the partner on 01 March 2022?

O A. R20 000 (DR)

O B. R10 000 (DR

O C. R60 000 (CR)

O D. R10 000 (CR)

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

The Evaluation Of An Internal Audit Department The Case Of SOTELMA

Authors: Oumar Bah

1st Edition

6204486039, 978-6204486031

More Books

Students also viewed these Accounting questions

Question

Describe how to measure the quality of work life.

Answered: 1 week ago

Question

What attracts you about this role?

Answered: 1 week ago

Question

Are my points each supported by at least two subpoints?

Answered: 1 week ago