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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.
Piecemeal Realizations and Distributions Partnership dissolutions may take a substantial number of days even months) so it is unlikely that all cash generated will be simultane
1. You can buy any quantity of cooking oil at $5 per litre and any quantity of flour at $2 per kilo. You have allocated $20 to spend on cooking oil and flour. (a) If you choo
am trying to figure out the break-even point in units using the mathmatical equation. the numbers i have are unit selling price $520, the variable costs per unit are $312 and fina
discuss the content of financial statement with reference to Indian companies?
For this problem we will be working with the Ericksen data set for describing the percentage of the population not counted in the US Census from 1980. In this data set we have diff
Prepare a year trading cash budget: Gary Hart needs to calculate how much working capital he will need in his first year as a restaurateur. An accountant friend recommends he
The financial year of Jack and Jill Ltd will end on 31 May 2008. At 1 June 2007, the company had in use equipment with a total accumulated cost of Rs 135,620 which had been depreci
Describe the concept of full cost recovery with illustrative examples.
Creditors' voluntary winding up If no declaration of solvency is filed the winding up must take place under the control of the creditors. 1. Meeting of creditors : Th
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