A partner had a debit balance on his current account of $1600 on 1 January 2009. On 31 December 2009 the following amounts were entered in the partner’s current account: interest on capital $500 share of profit $4000 What was the balance on the partner’s current account on 1 January 2010? A credit $1900 B credit $2900 C debit $5100 D debit $6100
A partner had a debit balance on his current account of $1600 on 1 January 2009. On 31 December 2009 the following amounts were entered in the partner’s current account: interest on capital $500 share of profit $4000 What was the balance on the partner’s current account on 1 January 2010? A credit $1900 B credit $2900 C debit $5100 D debit $6100
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
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- A partner had a debit balance on his current account of $1600 on 1 January 2009.
On 31 December 2009 the following amounts were entered in the partner’s current account:
interest on capital $500
share of profit $4000
What was the balance on the partner’s current account on 1 January 2010?
A credit $1900
B credit $2900
C debit $5100
D debit $6100
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