Rory and Tony have traded as partners for a number of years, Their statement of financial position as at 30 June 2015 shows:Capital accounts45 00037 000RoryTony82,000During theCurrent accounts19.2148632RoryTony27 846109.846year the business made a proft of $41,320 the pariners fook drawings of $12:000 eacn and non-current assets were revalued upwards by$25,000What was the net asset tolalas at 1July 20142A. O $152,166B.$67 526C.$92 526D.$127,166

The Value of Net Assets as on 1 July 2014 Implies the balance of Partners' Capital as on 1 July…

Rory and Tony have traded as partners for a number of years, Their statement of financial position as at 30 June 2015 showS; Capital accounts Rory Tony 45 000 37 000 82,000 During the Current accoOunts 19,214 Rory 8,632 Tony 27. 846 109.846 year the business made a profit of $41,320 the pariners fook draMÄngs oi s12. $25,000 What was the net asset tolal as at 1 July 2014? rrent assets were revalued upwards by A. $152,166 B. $67.526 C. $92 526 $127 166

Rory and Tony have traded as partners for a number of years, Their statement of financial position as at 30 June 2015 showS; Capital accounts Rory Tony 45 000 37 000 82,000 During the Current accoOunts 19,214 Rory 8,632 Tony 27. 846 109.846 year the business made a profit of $41,320 the pariners fook draMÄngs oi s12. $25,000 What was the net asset tolal as at 1 July 2014? rrent assets were revalued upwards by A. $152,166 B. $67.526 C. $92 526 $127 166

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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