Q. R and 5 carry on business sharing the profits in the ratio of 2: 3: 4 respectively. Capitals as on 1st Jan 2020 are Q is OMR 20,000, Ris OMR 30,000 and Sis OMR 40,000. On 30th Sept 2020 s died due to ill health and his executors claim the profit. Calculate S's Share of profits till the date of death on the basis of average profits of the preceding 3 years were Profit 2017 OMR 50,000 Loss 2018 OMR 40,000 and 2019 Profit OMR 30,000? A. 10,000 b. 17.777.77 c. None of the options are correct d. 4.444.44
Q. R and 5 carry on business sharing the profits in the ratio of 2: 3: 4 respectively. Capitals as on 1st Jan 2020 are Q is OMR 20,000, Ris OMR 30,000 and Sis OMR 40,000. On 30th Sept 2020 s died due to ill health and his executors claim the profit. Calculate S's Share of profits till the date of death on the basis of average profits of the preceding 3 years were Profit 2017 OMR 50,000 Loss 2018 OMR 40,000 and 2019 Profit OMR 30,000? A. 10,000 b. 17.777.77 c. None of the options are correct d. 4.444.44
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 58P
Related questions
Question
100%
Q. R and 5 carry on business sharing the profits in the ratio of 2: 3: 4 respectively. Capitals as on 1st Jan 2020 are Q is OMR 20,000, Ris OMR 30,000 and Sis OMR 40,000. On 30th Sept 2020 s died due to ill health and his executors claim the profit. Calculate S's Share of profits till the date of death on the basis of average profits of the preceding 3 years were Profit 2017 OMR 50,000 Loss 2018 OMR 40,000 and 2019 Profit OMR 30,000?
A. 10,000
b. 17.777.77
c. None of the options are correct
d. 4.444.44
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you