Answered step by step
Verified Expert Solution
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? A. R60000 (CR) B. R10 000 (DR) C. R10000(CR) D. R20 000 (DR)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started