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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.
Fund accounting and preparation of financial statements) The scenario: At the start of the year beginning January 1, 2013, Coco City's General Fund had a cash balance of $40,000, v
A parent has had a controlling interest of 60% in its subsidiary for a number of years. Below are financial statement extracts of the two companies for the year ended 30 June 20
The following are the three-month HIBOR and three-year EFN futures prices for September 2010 contracts. a Determine the HIBOR in three-months for settling the futures
You have recently been promoted to assistant audit manager in SHAUNA & Co, a firm of Chartered Certified Accountants. Your first assignment in this new role is to supervise the aud
Comparison with Sector Averages Any conclusion relating to the signs of overtrading needs to be put in the context of the normal values of accounting ratios indicated by the se
Q. What is Exposure Draft? Exposure Draft - Document issued by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA), FINANCIAL ACCOUNTING STANDARDS BOARD (FASB), GOVERNME
1. The average annual investment cost of a workstation in New Jersey has been calculated to be $100,000. It has been calculated to be $150,000 in Kentucky. The hourly cost at a
a) What will be the value of every of these bonds when the going rate of interest is 12%? Suppose that there is only one more interest payment to be made on Bond S. Round your answ
Q. Bento, Inc. had 500,000 shares of common stock outstanding before a stock split occurred, and 1,500,000 shares outstanding after the stock split. The stock split was a. 2-for-5.
Foley Corporation has the following capital structure at the beginning of the year: 6% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding
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