Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. michael and george have been in partnership for se

Michael and George have been in partnership for several years, sharing profits and losses in...

80.2K

Verified Solution

Question

Accounting

Michael and George have been in partnership for several years, sharing profits and losses in the ratio 3:4. At 1 January they had the following credit balances on their capital and current accounts:

Capital $ Current $

Michael 65,000 11,486

Donald 80,000 9,637

The partnership statement of profit or loss for the year to 31 December shows a net profit of $28,595, and the partners had made drawings of $16,500 each.

Required:

Calculate the balance of Michaels current account at 31 December.

(10 marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Calculus
1.2K views

Let u =(5,-2), v = (-1,0), and w = (-8,6). Calculate u + 3w -...

Geometry
1.2K views

Solve the following equation on the interval 050 2x sin 0 cos 0 cos 0...

Statistics
1.2K views

1) Using the Binomial Distribution formula find the probability that a family that has 13    children   has...

Programming
1.2K views

i posted this question before , but the answer was totally wrong . i am developing...

Physics
1.2K views

A. What is the moment of inertia of a solid iron sphere 20 inches in diameter...

Basic Math
1.2K views

2 5 Give a parametric representation for the line through the point 2 5 3...

Basic Math
1.2K views

Determine whether each triangle is congruent to A by ASA AAS or not congruent Triangle...

Accounting
1.2K views

4- what are the journal entries for the following transactions: (15 pts) a) sale of...

Accounting
1.2K views

ne Towing is a summary of tormation presented on the ninancial statements or a company...

Accounting
1.2K views

The table below provides sample data for 10 intersections with five years of crash data....

Accounting
1.2K views

Skysong, Inc. had the following inventory transactions occur during 2022: \table[[,,Units,Cost/unit],[Feb.1,2022,Purchase,74,$74

Accounting
1.2K views

(1) What are the advantages for a corporation of a Consolidated Tax Return? (2) What...