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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.
Value of accounting information When assessing value of accounting information we are confronted with similar problems. Provision of accounting information can be very expensiv
Group Accounts A company can have investments in other companies in the form of: ordinary shares, preference shares and loan stock. The investment in ordinary shares leads to own
Trustee's duties in administering the D of A 1) To carry out the trusts of the D of A and to distribute the property assigned to him in accordance with the provisions of the D of
Lower of Cost or Market - Valuing ASSETS for financial reporting purposes. Normally‘cost' is the purchase price of the asset and ‘market' refers to its current replacement cost. GE
The Wanless Corporation provides Internet consulting services to a wide-range of customers. The company's fiscal year ends on December 31. For the year ended December 31, 2011, the
The opening entries 1. Assets of the estate or trust In both cases the various assets of the estate or trust are debited to appropriate accounts and credited to the Estate Ca
Trust - Ancient legal practice where one person (GRANTOR) transfers the legal title to an ASSET, known as principal or corpus, to another person (the TRUSTEE), with specific instr
On December 31, 2010, the stockholders' equity section of Arndt, Inc., was as follows: Common stock, par value $10; authorized 30,000 shares; issued and outstanding 9,000 shares $
Investments under the Trustee Act The act defines the categories of investment as follows: 1. Fixed interest securities are: Securities which under their te
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