Ali ant Baba are in partnership sharing profits and losse...
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows: AliBabaInterest on capital5%5%Partner's salaryN500,000N300,000Capital Account b/dN5,000,000N4,000,000Current account b/dN400,000N500,000Partner's DrawingsN2,300,000N500,000 What is the closing balance in Ali's Current Account?
N1,600,000 Cr.
N500,000 Cr.
N500,000 Dr
N1,600,000Dr
Correct answer is B
No explanation has been provided for this answer.
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