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AMALGAMATIONSTwo sole traders and a partnership,two or more partnerships or a sole trader and other partnerships may combine or join together to forma a single partnership.The benefit of amalgamation includes:
In accounting, for amalgamation, the process involves closing off the books of the individual partnerships or businesses and preparing the opening balance sheet of the newly combined business. The process of closing the books of individual businesses follows the same procedure as that of dissolutions but instead of assets being sold, they are being taken over in the new business.Therefore a realization account is opened whereby the book values of the assets are debited and newly agreed values are credited. The balance of the realization account represents a profit or loss on amalgamation which is closed off to the capital accounts according to the old profit sharing ratio.The capital required by each partner in the new business should be balance carried down (c/d) in the partners capital accounts. The balancing figures it the capital accounts will be the cash that will be either paid out or introduced by a partner.The remaining cash in an individual business will now be transferred to the newly combined business.
Suppose the interest rate for a one-period bond is 4% between the current period and the next. Then the rate becomes 5% for ever. (a) What is the price of an asset paying (1,1,1
Real Estate Mortgage Investment Conduit (REMIC) - An entity which holds a fixed pool of mortgages and issues multiple classes of interest in itself to investors. A qualified REMIC
On January 1, 2010, Anderson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued
Bankrupt person A bankrupt is a person against whom an adjudication order has been made by the court primarily on the grounds of his insolvency. Any person (other than a body c
Home Inc. is considering buying a new piece of equipment, which will cost $715,000 and has an economic life of 5 years, in order to make a new line of product. The company suppose
Prepare a cash budget The following information appeared on the balance sheet of XYZ Ltd at 30 June 2012: Accounts receivable
MarmadukeMuffett once had a girlfriend who ran an antiques business in London'sKings Road. Ever since then, he has been hooked on the furniture trade and now runsMarmaduke'sMarvell
1. Lease vs. Buy Trasky Company is trying to decide whether it should purchase or lease a new automated machine to be used in the production of a new product. If purchased, the
Income Statement Preparation The following information is taken from the records of Wadley's Car Wash for the year ended December 31, 2012. Income taxes . . . . . . . . . . . . .
1. When preparing the operating activities section of the statement of cash flows using the indirect method, a decrease in accounts recievable is subtracted from net income. True o
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