Practice Questions: Ahmed and Ammar were partners in partners in a firm sharing profits in the ratio of 2 : 3. On 31st March, 2020 the balance sheet of the firm was as follows: Balance Sheet As of March 31, 2020 Assets OMR Liabilities & Equity OMR 105,000 100,000 Land and Building Stock Debtors Bank 300,000 100,000 150,000 155,000 Sundry Creditor Workmen Compensation Fund Capital: Ahmed Ammar Total 200,000 300,000 705,000 Total 705,000 The firm was dissolved on 1st April, 2020 and the assets and liabilities were settled as follows: (1) Ahmed agrees to take over land and building at OMR 350,000 by paying cash. (ii)Stock was sold for OMR 90,000 (iii) Creditors accepted debtors in full settlement of their claim. Pass necessary journal entries for dissolution of the firm. 1. The profit/(loss) on realization is: a OMR 5,000 b. (OMR 5,000) c. OMR 3.000 d. (OMR 3,000) a. 2. The amount paid to Ahmed and Ammar in the dissolution of the firm is: OMR 2.000 and OMR 3,000; respectively b. OMR 238,000 and OMR 357.000; respectively c. OMR 40,000 and OMR 60.000; respectively d. OMR 240,000 and OMR 360,000; respectively 1:06 elearn.ict.edu.om Question 24 Not yet answered p Flag question Marked out of 5.00 Ahmed and Bader started a partnership firm on January 1, 2017. They contributed OMR 25,000 each as their capital. The terms of the partnership are as follows: a. Ahmed and Bader to get monthly salary of OMR 500 and OMR 750, respectively. b. Bader is allowed a commission at the rate of 5% of net profit c. Interest on capital and drawings will be 10% p. a. d. Sharing of profit and loss will be in the ratio of capital sharing. The profit for the year ending December 31, 2019 before making the above appropriations is OMR 37,500. Drawings of Ahmed and Bader were OMR 5,000 and OMR 10,000, respectively. Answer the following questions. OMR 12,500 TUV MULTS the total 1:06 elearn.ict.edu.om 10% p. a. d. Sharing of profit and loss will be in the ratio of capital sharing The profit for the year ending December 31, 2019 before making the above appropriations is OMR 37,500. Drawings of Ahmed and Bader were OMR 5,000 and OMR 10,000, respectively. Answer the following questions. OMR 12,500 How much is the total interest on capital paid to both partners? How much is the total interest on drawings paid to Ahmed Done OMR 2,500 OMR 10,000 OMR 12,500 OMR 5,000 1:06 elearn.ict.edu.om appropriations is OMR 37,500. Drawings of Ahmed and Bader were OMR 5,000 and OMR 10,000, respectively. Answer the following questions. OMR 12,500 How much is the total interest on capital paid to both partners? OMR 760 and OMR 1,500 How much is the total interest on drawings paid to Ahmed and Bader, respectively? How much is the total salaries paid to both partners? How much is the Done OMR 500 and OMR 1,000 OMR 1,000 and OMR 2,000 OMR 760 and OMR 1,500 OMR 250 and OMR 500 1:06 elearn.ict.edu.om Answer the following questions. OMR 12,500 How much is the total interest on capital paid to both partners? OMR 1,000 and OMR 2,000 How much is the total interest on drawings paid to Ahmed and Bader, respectively? OMR 1,250 How much is the total salaries paid to both partners? How much is the commission paid to Bader? How much is the share of Bader from the profit after the distribution of Done OMR 15,000 OMR 1,250 OMR 30,000 OMR 7,500 1:06 elearn.ict.edu.om interest on capital paid to both partners? OMR 1,000 and OMR 2,000 How much is the total interest on drawings paid to Ahmed and Bader, respectively? OMR 1,250 How much is the total salaries paid to both partners? OMR 3,570 How much is the commission paid to Bader? How much is the share of Bader from the profit after the distribution of salaries, commission, interest on capital and interest on drawing? Done OMR 3,750 OMR 3,570 OMR 1,875 OMR 1,785 1:06 elearn.ict.edu.om the total interest on drawings paid to Ahmed and Bader, respectively? OMR 1,250 How much is the total salaries paid to both partners? OMR 1,875 How much is the commission paid to Bader? OMR 13,372.5 How much is the share of Bader from the profit after the distribution of salaries, commission, interest on capital and interest on drawing? Done OMR 11,372.5 OMR 8562.5 OMR 1225 1:09 elearn.ict.edu.om OMR 1,000 and OMR 2,000 How much is the total interest on drawings paid to Ahmed and Bader, respectively? OMR 1,250 How much is the total salaries paid to both partners? OMR 1,875 How much is the commission paid to Bader? OMR 13,372.5 How much is the share of Bader from the profit after the distribution of salaries, commission, interest on capital and interest on drawing? Done OMR 11,372.5 OMR 8562.5 OMR 13,372.5 OMR 17,125
