Accounting (1) urse "Introduction to Accounting ||(1)" Khlaid and Mohammed formed a partnership to develop a golf course

Accounting Nov 05, 2020

Accounting (1) urse "Introduction to Accounting ||(1)" Khlaid and Mohammed formed a partnership to develop a golf course. They agreed to allocate the profits/losses 3:4 between Khlaid and Mohammed, respectively. If the profit for the year was OMR 21,000, how much would Mohammed receive? Select one: a. 9.000 b. 12.000 c. 5,250 0 d. 10.500

Expert Solution

Ans)

Profit sharing ratio= 3:4

Profit =OMR 21000

Ratio of profit to Mohammad = 21000*4/7 = 12000

Hence option B = 12000

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