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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.
Q. Explain about Financial Accounting Standards? Financial Accounting Standards - Official promulgations, also called STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS, by FINANCIAL
The intestate leaves one surviving spouse, but no child or children The surviving spouse is entitled to: 1. The personal and household effects of the deceased absolutely: "per
Calculation of the actuarial gain/losses in year to 31 December 2010 FV of plan assets PV of plan liabilities $000
Q. What do you mean by Inflation? Predicts of future inflation of sales prices and variable costs should be prepared Therefore that a nominal NPV evaluation is able to be under
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For what EDP is using in accounting
A company produces 2 modules of mobile phones. 1.Basic modle is sold 5000/=, direct material cost 1250/=, requires 0.25h labour time. Produce unites 8000 per month. 2.smart model
The Gladys Corporation buys office equipment costing $426,000 on May 12, 2013. In 2015, new and improved models of the equipment make it obsolete, and Gladys sells the old equipmen
How the value of information received by decision maker How the value of information received by decision maker eventually begins to decline. This is, maybe, since additional i
Illustrate the changing face of accounting Over past 25 years, environment within which businesses operate has become increasingly turbulent and competitive. Numerous reasons h
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