A and B are in partnership sharing profits and losses in the ratio 3:2 respectively. Profit for the year was $86,500. The partners' capital and current account balances at the beginning of the year were as follows: A B $ Current accounts 5,750CR 1,200CR Capital accounts 10,000CR 8,000CR A's drawings during the year were $4,300, and B's were $2,430. What should A's current account balance be at the end of the year? $51,900 B $57,650 $53,350 D $61,950

A and B are in partnership sharing profits and losses in the ratio 3:2 respectively. Profit for the year was $86,500. The partners' capital and current account balances at the beginning of the year were as follows: A B $ Current accounts 5,750CR 1,200CR Capital accounts 10,000CR 8,000CR A's drawings during the year were $4,300, and B's were $2,430. What should A's current account balance be at the end of the year? $51,900 B $57,650 $53,350 D $61,950

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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