Abel, Burt, Cole and Dodds are in partnership. They are to change their profit ratios as shown:

Question:

image text in transcribed

They decide to bring in a goodwill amount of $£ 72,000$ on the change. The last balance sheet before any element of goodwill has been introduced was:

image text in transcribed

Show the balance sheet on 1 October 2023 after necessary adjustments have been made if:

(a) Goodwill account was opened.

(b) Goodwill account was not opened.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting An Introduction To Financial Accounting

ISBN: 9781292365435

15th Edition

Authors: Alan Sangster, Lewis Gordon, Frank Wood

See More Books

Question Posted: Mar 04, 2024 09:00 AM

See More Questions

The partners are to change their profit ratios as shown: They decide to bring in a goodwill amount of 72,000 on the change. The last balance sheet before any element of goodwill has been introduced...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
Vantuira, Aparecida and Fraga are in partnership. They have always shared their profits in the ratios of Vantuira 3: Aparecida 2: Fraga 5. They are to alter their profit ratios to Vantuira 4:...
Tell whether the given side lengths form a right triangle. 8, 10, and 14
To find out what is happening in the venture capital industry in the United States, look at the National Venture Capital Association site (www.nvca.org). Now find the NVCA's Yearbook 2010 in the &...
Anthony is going to drive a flat-bed truck up a hill that makes an angle of 10 with respect to the horizontal direction. A 36.0 kg package sits in the back of the truck. The coefficient of static...
Factory Express Ltd operates two departments Truck and Trailer. During the year ended 30 June 2025, the store had the following financial results. Required Prepare departmental statements of...
Jets of high-speed steam are used in spray cleaning. Steam at 15.0bar with 150C of superheat is fed to a well-insulated valve at a rate of 1.00 kg/s. As the steam passes through the valve, its...
8. We discussed several sorting algorithms this semester. Of the following listed, answer the following questions: Mergsort, Insertion Sort, Quicksort, Counting Sort, Radix Sort a) What is the...
Stainless Steel Specialties (SSS) is a manufacturer of hot water-based heating systems for homes and commercial businesses. The company has grown about 10% in each of the past five years. The company...
Blunt, Dodds and Fuller are in partnership. They shared profits in the ratio 1:3:2. It is decided to admit Baxter. It is agreed that goodwill is worth $ 60,000$, but that this is not to be brought...
Kendall and Harvey are in partnership as wholesalers of novelty products. They share residual profits in the ratio 5:3. The trial balance exhibited below was extracted from the nominal ledger of...
An allele is an alternate form of a gene, and the proportion of alleles in a population is of interest in genetics. An article in BMC Genetics [Calculating Expected DNA Remnants From Ancient Founding...
A dysfunctional group of hopeful, unpublished writers attempts to remain unconditionally positive and supportive in their communication in the face of constant rejection. Not for everyone, but this...
Define working capital.
Ltd processes and purifies a basic chemical which is then broken down by reaction to give three separate products. Explain the approaches to joint cost allocation using the following information:...
What have researchers found about the length of the working capital cycle in practice?
Is hypercompetitive communication ethical? Explain.
Identifying Adjusting Entries from Unadjusted Trial Balance In its annual report, Hewlett-Packard Company states, We are a leading global provider of products, technologies, solutions and services to...
1. What is the semi-annually compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places. 2. What is the quarterly compounded interest rate if...
How important was the human resources project for Sonhomish PUD? Why?
Classify and describe the management, organization, and technology issues the project had to address in order to implement the new system successfully. How did the project team deal with these issues?
Describe the composition of the project team. How important was this? Why?
Differentiate between anaerobic respiration and fermentation in terms of electron acceptors and ATP yield, and discuss how these processes are utilized by different organisms under varying...
2 The following contains information about April's production for Cabinera, Incorporated. 3 4 Units produced 10,000 5 Units sold 9,000 5 6 Sales price $450.00 7 Direct materials cost per unit $104.00...
Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portfolio on December 31, 20Y3, are as follows: 1 Issuing...

Abel, Burt, Cole and Dodds are in partnership. They are to change their profit ratios as shown:

Question:

Abel Burt Cole Dodds Old ratio 1423 New ratio 2341

Step by Step Answer:

Frank Woods Business Accounting An Introduction To Financial Accounting

Students also viewed these Business questions