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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.
Division of the trust The safeguards consist in the division of the trust funds into portions. Before this division takes place, the investments are revalued in order to deter
Harry purchased equipment for his business and gave the seller cash and a note due in two years. Larry also purchased business equipment, but financed the transaction with a bank l
1) A sales discount correctly taken by the charge customer was debited to Sales at the time the entry was recorded. This error will cause. A) the net income for the period to be un
how to solve balance sheet in five million capital
Your company is considering investing in its own transport fleet. The present position is that carriage is contracted to an outside organization. The life of the transport fleet w
Q. Availability of fresh issue of equity? A fresh issue of equity finance mayn't be readily available to a listed company or may be available on terms that are unacceptable wit
The managerial performance measure must be quantitative and the manner in which it is to be calculated should be specified. The managerial performance measure must ideally be linke
DISTRIBUTION UNDER THE INTESTACY PROVISIONS When a person dies without leaving a will, his estate is distributed according to the Law of Succession Act. When a person dies, fou
Prove that accounting equation is satisfied in all the following transactions of Mr.X 1. Commenced business with cash - Rs.80,000 2. Pu
We consider N identical firms that compete à la Cournot. Each firm incurs a constant marginal cost c. The demand for the homogenous good is given by the following function: Q = 1 -
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