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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 comparative balance sheet of Portable Luggage Company at December 31, 2008 and 2007, is as follows An examination of the income statement and the accounting records revealed th
Time tickets for factory employees during the month of August are summarized as follows. Prepare a journal entry to record the total factory payroll, the indirect payroll and the d
Greek Debt Exchange On the evening of February 20, 2012 private institutional investors, representatives of the IMF, ECB, and European governments agreed to a major "intervention"
1. When preparing the operating activities section of the statement of cash flows using the indirect method, a decrease in accounts recievable is subtracted from net income. True o
According to the FASB, the usefulness of accounting is judged by which of the following two qualitative characteristics of accounting information? Comparability and neutrality Unde
What are some critics by individuals and professional bodies in this joint project?
Preparation of cashflow statements IAS 7 recommends that the cashflow statement can be prepared using two methods:- I) Direct method Whereby, cash from operations is deter
The Deficiency Account Purpose of deficiency account : The purpose of the deficiency account is to explain the deficit shown on the statement of affairs. The deficiency acc
This lab assignment will correspond to developing a cash flow budget with an operating loan. There is on lab exercise listed below. Additionally, there are two assignment questions
A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa
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