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Change in profit sharing ratioWhen there is a change in profit sharing ratio, it means that some of the partners will get higher profits based on the new ratios in the future while others will loose or will get lower profits.Those who will get higher profits therefore need to pay for the higher profits whereas those who will get lower profits thus need to be compensated for the reduction in their profit share.To achieve this objective, goodwill is normally introduced in the accounts by crediting the partners capital accounts according to their old profit sharing ratio (PSR) and written off again by debiting the partners capital accounts according to their new PSR.
O'Neill Co. has $298,106 in accounts receivable on January 1. Budgeted sales for January are $840,001. O'Neill expects to sell 20% of its merchandise for cash. Of the remaining 80%
Illustration of Head office records In order to provide a check that branch managers and staff deal properly with goods and cash passing through their hands, goods are normally
DIVIDENDS The dividends that appear in the consolidated statement of change in equity are for the holding company only. This is because the dividends of the subsidiary belong to
Q. What is Asset? Asset - An economic resource which is expected to be of benefit in the future. Probable futureeconomic benefits attained as a result of past transactions or e
The partnership of Lewis and Clark had these balances at April 30, 2008: Cash........$28,000 Liabilities........56,000 Clark Capital...14,000 Other Assets...84,000 Service Re
Mr. Inherits 30000. Decides to open a salon jj salon. On 1/4/2016 commits 10000 to the business Opens an a/c in the bank What will be the money under capital in his books on 1/4/10
Q. Show example of Internal rate of return? IRR (Internal rate of return) is a discounted cash flow investment appraisal method that calculates the discount rate which causes th
Creditors' voluntary winding up If no declaration of solvency is filed the winding up must take place under the control of the creditors. 1. Meeting of creditors : Th
An intersting point to not is that there is a difference in the tax treatment of income from Limitied Liability Companies (LLCs) and Corporations. What is this difference and what
HOW TO CALCULATE SINKING FUND METHOD
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