A & B shares profit and losses equally. The admit C as an equal partner and...
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A & B shares profit and losses equally. The admit C as an equal partner and assets were revalued as follow:Stock at Rs.10,000 (book value Rs.12, 000); Machinery at Rs. 50,000 (book value Rs.55, 000): Building would be appreciated by 10% (book value Rs. 15,000). Find the profit/loss on revaluation to be shared among A and B. A & B shares profit and losses equally. The admit C as an equal partner and assets were revalued as follow:Stock at Rs.10,000 (book value Rs.12, 000); Machinery at Rs. 50,000 (book value Rs.55, 000): Building would be appreciated by 10% (book value Rs. 15,000). Find the profit/loss on revaluation to be shared among A and B.
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A and Bs profit and losses would be equal after C is brought in as an equa... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
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