Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Illustration of Retirement of a partner
A, B and C have been trading as equal partners having capital contributions of £500,000 and £400,000 and £300,000 respectively as at 1st January 2005. On the same date, B Deared to leave the partnership and A and C were to continue trading as partners sharing profits in the ratio of 2:1. The total amounts due to B could not be paid immediately and thus the remaining partners agreed with B that they will pay 25% of the total due in cash and the balance will be left as a loan earning interest at a rate of 8% per annum. Meanwhile, goodwill has agreed at £180,000 and B had a credit balance on his current account of £40,000. Goodwill was not to be retained in the books.Required:Prepare partners capital accounts record the retirement of B
Capital account
B
C
Goodwill written off
120,000
-
60,000
Bal. b/d
500,000
400,000
300,00
Cash book
125,000
Goodwill
8% loan a/c
375,000
Current a/c
40,000
Bal c/d
440,000
300,000
______
560,000
360,000
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
only formula
DIVIDENDS The dividends that appear in the consolidated statement of change in equity are for the holding company only. This is because the dividends of the subsidiary belong to
Stock Rights - Stock rights are rights issued to stockholders of a CORPORATION which entitle them to purchase new shares of stock in the corporation for a stated price that is freq
1- Journalize May transactions. Entry: 1. May 1 Owner H.Hadi invested $40,000 in the business. 2. May 4 Equipment was purchased at a cost of $7,000; a three-month, 10% note pa
Consider a multinational listed company that has recently carried out an acquisition. You may also select a company that carried out an acquisition long ago as long as there is inf
PROOF OF DEBTS The following rules apply as to the proving of debts: 1) A creditor has no right to vote or receive dividends until his debt is proved to the satisfaction of th
provide 5% for doubtful debt what is the journal entry
Related Party Transaction - Business or other transaction between persons who don't have an arm's-length relationship (for example a relationship with independent, competing intere
Assure you have just started a Mobile store. You sell mobile sets and currencies of Airtel, Vodaphone, Reliance and BSNL. Take five transactions and prepare a position stateme
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd