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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 Mutual Fund? Mutual Fund - Investment Companythat usually offers its shares to general public and invests the proceeds in a diversified portfolio of SECURITIES
Explain the meaning of the terms "tangible" and "intangible" and discuss how these terms are used in describing assets.
Describe Following questions:- Q.1 What organizations are responsible for governing financial reporting? What is the role of each organization? How have the roles changed in the
Harper Co. provided the following information concerning two products: contribution margin per unit- product 12 $46 Contribution margin per unit-product 43 $30. Machine hours requi
A Valid Will A will may be made: Orally; it will not be valid unless: 1. It is made before two or more competent witnesses (i.e. persons of sound mind and full age); and 2.
On January 1, a company issued and sold a $400,000, 7%, 10-year bong payable, and recieved proceeds of $396,000. Interest is payable each June 30 and December 31. The company uses
Q. What is Stock Split? Stock Split - Increase in number of shares of a company's COMMON STOCK outstanding that result from the issuance of additional shares proportionally to
Q. What is Staff Benefit Fund? This is a fund intended to afford certain kinds of amenities and benefits to no gazetted staff as well as to gazetted officers of the Railway ove
GROUP STRUCTURES A group structure is the relationship between the holding company and its subsidiaries. There are normally four main types of group structures (apart from the
Gary and Joyce Yau, both 30, last month bought their dream house in London, Ontario. The purchase price was $450,000 plus addition fees such as taxes, legal fees, administration fe
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