Ahmed And Ali had beginning capital balances of OMR 50,000 and OMR40,000, respectively. The two partners fail to agree on a profit -and loss-sharing ratio. For the first month (May 2020), the partnership had a net loss of OMR12,000. Required: The loss goes to Ahmed would be: OMR The loss goes to Ali would be: OMR Ahmed capital balance at May 31, would be: OMR Ali capital balance at May 31, would be: OMR
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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