Q. R and 5 carry on business sharing the profits in the ratio of 2: 3: 4 respectively. Capitals as on 1st Jan 2020 are Q is OMR 20,000, Ris OMR 30,000 and Sis OMR 40,000. On 30th Sept 2020 s died due to ill health and his executors claim the profit. Calculate S's Share of profits till the date of death on the basis of average profits of the preceding 3 years were Profit 2017 OMR 50,000 Loss 2018 OMR 40,000 and 2019 Profit OMR 30,000? A. 10,000 b. 17.777.77 c. None of the options are correct d. 4.444.44
Q. R and 5 carry on business sharing the profits in the ratio of 2: 3: 4 respectively. Capitals as on 1st Jan 2020 are Q is OMR 20,000, Ris OMR 30,000 and Sis OMR 40,000. On 30th Sept 2020 s died due to ill health and his executors claim the profit. Calculate S's Share of profits till the date of death on the basis of average profits of the preceding 3 years were Profit 2017 OMR 50,000 Loss 2018 OMR 40,000 and 2019 Profit OMR 30,000? A. 10,000 b. 17.777.77 c. None of the options are correct d. 4.444.44
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 5P: Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of...
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Q. R and 5 carry on business sharing the profits in the ratio of 2: 3: 4 respectively. Capitals as on 1st Jan 2020 are Q is OMR 20,000, Ris OMR 30,000 and Sis OMR 40,000. On 30th Sept 2020 s died due to ill health and his executors claim the profit. Calculate S's Share of profits till the date of death on the basis of average profits of the preceding 3 years were Profit 2017 OMR 50,000 Loss 2018 OMR 40,000 and 2019 Profit OMR 30,000?
A. 10,000
b. 17.777.77
c. None of the options are correct
d. 4.444.44
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