L, M and N are in partnership, sharing profits and losses equally.
On 31 December 2020 N retired. At that date:
1 N’s capital account balance was $30 000 and his current account had a debit
balance of $5400.
2 Profit for the year was $21 000 before paying L’s salary of $6000.
3 The goodwill was valued at $18 000 but is not to remain in the books of account.
4 Other assets are to be revalued upwards by $6000.
How much will N be entitled to on his retirement?
1 )
$30600
$37600
3 )
$41400
4 )
$42400
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