W, X, Y are partners. They admitted Z into the firm and gave him guarantee that his share in profits will not be less than Rs. 10,000 p.a.. Profits will be shared in 4 : 3 : 3 : 2. If profit for the year is Rs. 48,000 then what is profit share of each partner?
A. W = 15,200, X = 11,400, Y = 11,400, Z = 10,000
B. W = 16,000, X = 11,000, Y = 11,000, Z = 10,000
C. W = 16,000, X = 12,000, Y = 12,000, Z = 8,000
D. W = 15,200, X = 11,200, Y = 12,000, Z = 10,400
Answer: Option A
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Join The Discussion