Q, R and S 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, R is OMR 30,000 and S is OMR 40,000. Calculate Total Profit to be divided among partners when average profits of the preceding 3 years were Profit 2017 OMR 50,000 Loss 2018 OMR 40,000 and 2019 Pro OMR 30,000?

Q, R and S 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, R is OMR 30,000 and S is OMR 40,000. Calculate Total Profit to be divided among partners when average profits of the preceding 3 years were Profit 2017 OMR 50,000 Loss 2018 OMR 40,000 and 2019 Pro OMR 30,000?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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