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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.
Revaluations Partners rarely revalue their assets and any revaluations may be carried out when a new partner is being admitted or an old partner is retiring. To facilitate th
Mr N. M. is lucky to have a lottery prize of Rs 20 million. He does not have any liability and does not have any claimant over this money. He has the following alternatives: (i)
Terms of Trade Doe Ltd must negotiate agreed terms of trade with its customers in order to encourage prompter payment. These terms of trade may tender discounts for early paymen
How is a company’s cost of capital affected by its tax rate?
SE CTION A QUESTION 1: Below is a trial balance of a manufacturer of boots for the local market. Trial balance as at 31st December 2012 Dr Rs
brigham problems
Find the annual reports of the acquiring firm and answer the following questions for the five years before merger took place I) What information is provided about merger a
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The Schrödinger Science Store operates a retail store in a local shopping mall.The results of operations for the fourth quarter of 2011 are as follows: Sales
Explain the movements in working capital in terms of a business''s cash cycle. Explain some of the options available and their effect on the cash cycle.
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