Solution-Find the amount of interest that should be credited

Find the amount of interest that should be credited

Assignment Help Cost Accounting

Reference no: EM133185533

Question - A and B agrees that 10% interest per annum is to be credited to each of them as partners on the basis of average capital balances. A summary of B's capital account for the year December 31, 2020 follows:

Balance, January 1 P280,000

Additional investment, July 1 80,000

Withdrawal, August 1 (30,000)

Required - Find the amount of interest that should be credited to B's capital?

Reference no: EM133185533

Questions Cloud

Determine the estimated cost of goods sold for ten months : A physical inventory disclosed usable damaged goods which ALEM estimates can be sold for P70,000. Determine the estimated cost of goods sold for ten months

Difference between entrepreneurship and entrepreneurs : Elaborate the difference between entrepreneurship and entrepreneurs. What are the 3 significant things we need to consider in starting a business

What is the effect on ellen gross income : Assume that the Federal daily excludible amount is $400. If the amount is zero, enter 0. What is the effect on Ellen's gross income

Find the net gain for the three-month period ending : GG Na Company has been undergoing liquidation since January 1. Find the net gain (loss) for the three-month period ending March 31

Find the amount of interest that should be credited : A summary of B's capital account for the year December 31, 2020 follows: Find the amount of interest that should be credited to B's capital

How much cash should janice contribute : Rachel, Monica and Phoebe are partners with capital balances of P896,000, P3, 120,000 and P3,160,000. How much cash should Janice contribute

How much is the remaining partnership net assets : If CJ was paid P372,400 upon his retirement, how much is the remaining partnership net assets after his withdrawal

How much of the profit is allocated to karen : Two years after changing the profit and loss ratios, the building is sold for P380,000. How much of the profit is allocated to Karen

How much is the cumulative translation adjustment : Faith Company formed the subsidiary on January 1, 2021. How much is the cumulative translation adjustment for 2022

User Account

All Pages

Find the amount of interest that should be credited

Reference no: EM133185533

Reference no: EM133185533

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT