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E. Rs20,466 9. Daoda purchased a piece of equipment for Rs930,000 on 1 September 2014. Depreciation was charged at 12.5% per annum on a straight-line basis from the date of purchase to 1 September 2018. The remaining useful life of the equipment was reviewed to 5 years at this date. The estimated residual value of the equipment was zero. Calculate the amount of depreciation charged to statement of profit or loss in respect of the equipment for the year ended 31 August 2019. A. Rs 23,250 B. Rs 93,000 C.Rs 103,333 D. Rs104,625 E. Rs114,000 10. A business proprietor failed to maintain proper records, but you managed to ascertain that his opening capital, closing capital and drawings during the year were R$225,000, Rs260,000 and Rs10,000 respectively. How much will be the profit during the period? A. R$45,000 B. Rs50,000 C. Rs 270,000 D. RS485,000 E. R$495,000 11. Ajani, Bala and Okon are in partnership sharing profit in ratio 5:4:2. During the period, the partnership made a profit of Rs18,200,000 after deducting partners' salary and interests on capital. Ajani and Bala guaranteed Okon minimum share of profit of Rs3,800,000. How much is Ajani's share of the profit? A. Rs4,472,727 B. Rs6,400,000 C. Rs6,618,181 D. Rs7,781,818 E. R$8,000,000 12. In which of the following situations is partners' current accounts NOT required? A. First year of the partnership business B. Dissolution of partnership C. Change in partners' profit sharing ratio D. Admission of a partner E. Retirement of a partner 13. Which of the following is correct about the treatment of a partner with deficiency at the end of partnership dissolution? i. The partner may have to pay the whole deficiency ii. Insolvent partners' deficiency is borne by the solvent partners in the last agreed capital iii. Insolvent partners' deficiency is borne by the solvent partners in the profit or loss sharing ratio A. I and 11 B. II and III C. I and III D. I, II and III E. 11 14. The following information relates to Owuro Enterprises Rs Opening inventory 124,000 Closing inventory 96,000 Purchases 2,972,100 Profit margin is 5% What is the gross profit for the period? A. Rs119,555 B. Rs127,400 C. Rs 150,005 D. Rs154,847 E. R$157,900

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