On January 1, 2018, the ABC partnership is formed. A, B and C contributed cash...
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On January 1, 2018, the ABC partnership is formed. A, B and C contributed cash of OMR 420000 and 360000 and 270000 respectively. During the first year, net income is OMR 480000 and the partners A, B, and C shared profits and losses in the ratio of 1:2:2. The partnership agreed to provide 10 percent interest on opening capital balances and salaries of 25000,30000,40000 respectively. The remainder to be divided according to income ratios. The closing balance of Partner B is: Select one: a. OMR 178000 b. OMR 160000 c. Noe of options d. OMR 170000 e. OMR 148000
On January 1, 2018, the ABC partnership is formed. A, B and C contributed cash of OMR 420000 and 360000 and 270000 respectively. During the first year, net income is OMR 480000 and the partners A, B, and C shared profits and losses in the ratio of 1:2:2. The partnership agreed to provide 10 percent interest on opening capital balances and salaries of 25000,30000,40000 respectively. The remainder to be divided according to income ratios.
The closing balance of Partner B is:
Select one:
a. OMR 178000
b. OMR 160000
c. Noe of options
d. OMR 170000
e. OMR 148000
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