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Omar, Mohammed and Nasser are partners sharing profit & losses in a ratio of 3:2:1. On December 31st they decide to liquidate/dissolve their firm. On
Omar, Mohammed and Nasser are partners sharing profit & losses in a ratio of 3:2:1. On December 31st they decide to liquidate/dissolve their firm. On that day the books are closed and the income of the year is transferred to the partner's capital accounts. Thereafter the partnership's balance sheet appears as follows: Amount Amount Liabilities RO. Assets RO. Sundry creditor 21,000 Cash 30,000 Capital Account Stock 25,000 Omer 35,000 Other assets 56,000 Mohammed 30,000 Nasser 25,000 111,000 111,000 Merchandise Inventory was sold for RO.20,000 and other assets were realized for R0.65,000.Liablities was paid and remaining cash was paid to the partner. You are required to choose the Omer share of Profit on realization account. a. RO. 1,800 b.RO. 2.100 O c. None of the other options d. RO. 2,000
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