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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.
The Red and Blue partnership has been created to operate a law firm. The partners have been attempting to devise a fair system to allocate profits and losses. Red plans to work mor
Prepare Partial Income Statement through FIFO, And LIFO Methods The records of XYZ Restaurant Supply include the following accounts for cases of coffee cups at December 31 of t
premium coupons that already have been expired should be or shouldn''t be estimated as liability?
CarloffCremes (CC) planned to sell 40,000 Queen size at $20 each and 20,000 King size at $15 each. Actual sales of the former were 45,000 and 25,000 of the latter, at $19 and $16 r
You may just be wondering as to see that how we control activities by ratios. The answer is not tough to seek. Ratios we have known for control of activities measures relationships
1. Consider the following balance sheet: Best Care HMO Balance Sheet June 30, 2007 Assets / Current Assets*
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.
Q. Define about financial gearing? As financial gearing raise the burden of interest payments increases and earnings become more volatile. Since interest payments should be met
The current market price of a Leigh bond is $1,297.6. If the coupon rate is 10% and the par value is equal to $1,000, what is the yield to maturity of the bond if it matures in 10
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
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