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
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. R60 000 (CR) B. R20 000 (DR) C. R10 000 (CR) D. R10 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