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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.
Should Touring Enterprises consider liabilities as a part of its permanent financing? Why or why not?n #Minimum 100 words accepted#
An individual is currently working 40 hours per week, earning $10 per hour. He loses his job and successfully applies for unemployment insurance. The insurance plan works as foll
Creation An express trust is "created not by facts and circumstances, but by the express words of the settlor". (Fitzgerald v Stewart) It may be created in the following ways:
The Statement of Affairs The statement of affairs sets out: (a) The various assets of the debtor, at the values they are expected to realise; (b) The creditors, classified acc
Q. The following selected amounts are available for Vizio Company. Retained earnings (beginning) $1,600 Net loss 300 Cash dividends declared 200 Stock dividends declared 200 What i
Whereas dividend may be of prime significance to some equity shareholders, this may not be so for the other shareholders. Several shareholders may be interested in receiving a usua
liabilities and its types
Joe seeks your assistance in assessing these investment options. He has five particular concerns, as outlined below. 1. Regarding his photographic studio, which would be a bette
abc limied is considering whether to invest $90000 in the purchase of a new item of equipment. The equipment would be paid for with a down-payment of $60000 and the payment of the
1) Which inventory methods are used by Lowe's? (Mark all that apply.) a. Weighted-average b. FIFO c. LIFO d. Dollar-value LIFO e. Retail LIFO f. Retail Dollar-value LIFO g. If mult
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