Partner's Salary of RO 6000 paid to partner Ahmed for the year. The adjustment Journal entry for the above transaction will be: Debit : Ahmed's Salary account RO 6000 Credit: Cash account RO 6000 O b. Debit : Ahmed's Salary account RO 6000 Credit: Ahmed's Capital account RO 6000 Debit : Ahmed's Capital account RO 6000

Partner's Salary of RO 6000 paid to partner Ahmed for the year. The adjustment Journal entry for the above transaction will be: Debit : Ahmed's Salary account RO 6000 Credit: Cash account RO 6000 O b. Debit : Ahmed's Salary account RO 6000 Credit: Ahmed's Capital account RO 6000 Debit : Ahmed's Capital account RO 6000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...

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Partner's Salary of RO 6000 paid to partner Ahmed for the year. The adjustment Journal entry for the above transaction will be: O a. Debit : Ahmed's Salary account RO 6000 Credit: Cash account RO 6000 O b. Debit : Ahmed's Salary account RO 6000 Credit: Ahmed's Capital account RO 6000 O. Debit : Ahmed's Capital account RO 6000 Credit: Ahmed's Salary account RO 6000 Od. Debit : Cash account RO 6000 Credit: Ahmed's Salary account RO 6000
Case 1 Mazin, Mansoor and Malik started a partnership firm on January 1, 2019. They contributed RO. 50,000, RO. 40,000 and RO. 30,000 respectively as their capitals and decided to share profits in the ratio of 3:2:1. The partnership deed provided that Mazin is to be paid salary of Ro. 12000 p.a. and Mansoor commission of RO. 2,500 every 6 months. It also provided that interest on capital be allowed @ 6% p.a. The drawings for the year were: Mazin RO. 6,000, Mansoor RO. 4,000 and Malik RO. 2,000. Interest on drawings was RO. 270 for Mazin, RO.180 for Mansoor and RO. 90 for Malik. The net amount of profit as per the profit and loss account for the year ended 2019 was RO. 35,660. Question: Prepare the necessary accounting entries, the profit and loss appropriation account and the partners' capital accounts. Based on the above information answer the following 3' questions. (Do not upload any documents in the moodle) The amount of interest on capital the partners are eligible to receive…
3) The accounting entry for charging interest on drawings to each partners will be: a. Dr: Interest on drawing account RO 270 Cr: Mazin's capital account RO 135 Cr: Mansoor's capital account RO 90 Cr: Malik's capital account RO 45 b. Dr: Mazin's capital account RO 270 Dr: Mansoor's capital account RO 180 Dr: Malik's capital account RO 90 Cr: Interest on drawings account RO 540 c. Dr: Mazin's capital account RO 135 Dr: Mansoor's capital account RO 90 Dr: Malik's capital account RO 45 Cr: Interest on drawings account RO 270 d. Dr: Mazin's capital account RO 270 Dr: Mansoor's capital account RO 180 Dr: Malik's capital account RO 90 Cr: Profit and loss account RO 540
The following information relates to partner for the year ended 29 February 2020: Current account credit balance on 29 February 2020 20 000 Profit share 50 000 Salaries 180 000 Interest on capital 24 000 Drawings 220 000 Interest on drawings 2 000 What is the balance in the Current account of the partner on 01 March 2019? OA. R12 000 DR. B. R116 00O DR OC. R52 000 CR D. R12 000 CR S Type here to search
Required: preparea. Revaluation account b. Goodwill account c. Retiring partner's (Inie) account
The following information relates to partner for the year ended 29 February 2020: Current account credit balance on 29 February 2020 20 000 Profit share 50 000 Salaries 180 000 Interest on capital 24 000 Drawings 220 000 Interest on drawings 2 000 What is the balance in the Current account of the partner on 01 March 2019? A. R12 000 DR O B. R116 000 DR OC. R52 000 CR O D. R12 000 CR
18 A admits B as partner in business. Accounts in the ledger for A on October 31, 2020, just before the admission of B show the following balances: Cash: P50,000Accounts receivable: 110,000Notes receivable: 20,000Inventories: 50,000Accounts payable: 30,000 It is agreed that for the purposes of establishing A's interest, the following adjustments shall be made: An allowance for doubtful accounts of 5% of accounts receivable is to be established. An inventory amounting to P10,000 is worthless. Prepaid expenses of P1,000 and accrued expense of P2,000 are to be recognized. An interest of 10% on notes receivable amounting P10,000 dated April 30, 2020 is to be accrued. B is to invest sufficient cash to obtain a 1/4 interest in the Partnership. Determine the amount of cash investment by Partner B.
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Interest on drawings was RO. 270 for Saud, RO.180 for Salim and RO. 90 for Sulaimon. The accounting entry for charging interest on drawings to each partners will be: a. Dr: Saud's capital account RO 135 Dr: Salim's capital account RO 90 Dr: Sulaimon's capital account RO 45 Cr: Interest on drawings account RO 270 b. Dr: Saud's capital account RO 270 Dr: Salim's capital account RO 180 Dr: Sulaimon's capital account RO 90 Cr: Interest on drawings account RO 540 c. Dr; Interest on drawing account RO 270 Cr: Saud's capital account RO 135 Cr: Salim's capital account RO 90 Cr: Sulaimon's capital account RO 45 d. Dr: Saud's capital account RO 270 Dr: Salim's capital account RO 180 Dr: Sulaimon's capital account RO 90 Cr: Profit and loss account RO 540
The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)
Please give three parts entries thnku
Prepare the following accounts for the month of September 2021. a.Dissolution (Realisation) account. b.Partners’ Capital accounts, in columnar form. c. The partnership Bank account.