Amani and Salwa are partners in a firm. On 1/1/2020, capital balances in the partnership...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Amani and Salwa are partners in a firm. On 1/1/2020, capital balances in the partnership are $60000, $70000 respectively. Partner's Current Account balances are $10000 credit, $30000 credit, respectively. Partner's Drawings during the year are $15000, $5000 respectively. On 1/9/2020, Salwa advanced a loan of $6000 to the firm for five years with a rate of 12% transfer to her current account every six months. Income ratios are equal. In 2020, the company net Losses of $20000. Salwa's Current Account balances on 31/12/2020 are:
15,240
10360
15,000
15,360
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!
