X and Y are partners in a firm sharing profits in the ratio of 3: 2....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
X and Y are partners in a firm sharing profits in the ratio of 3: 2. On 1st April, 2018, they admit Z as a new partner for 1/4th share in the profits. Z contributes the following assets towards his capital and for his share of goodwill: Stock Rs.60,000, Debtors Rs.80, 000, Land Rs. 1, 00, 000, Plant and machinery Rs.40, 000. On the date of admission of Z, the goodwill of the firm was valued at Rs.6, 00,000. Pass necessary Journal entries in the books of the firm on Z's admission. X and Y are partners in a firm sharing profits in the ratio of 3: 2. On 1st April, 2018, they admit Z as a new partner for 1/4th share in the profits. Z contributes the following assets towards his capital and for his share of goodwill: Stock Rs.60,000, Debtors Rs.80, 000, Land Rs. 1, 00, 000, Plant and machinery Rs.40, 000. On the date of admission of Z, the goodwill of the firm was valued at Rs.6, 00,000. Pass necessary Journal entries in the books of the firm on Z's admission.
Expert Answer:
Answer rating: 100% (QA)
Date 2 Journal Stock Ac Debtors Ae Land Ac Plant and Ma... View the full answer
Related Book For
Posted Date:
Students also viewed these finance questions
-
ABC are three partners sharing profit and loss in the ratio 2 : 2: 1, B recently obtained MBA degree from Oxford University, accordingly the partner decided to give him a guaranteed profit of Rs. 60,...
-
1. The economic way of thinking has to do with: a. analyzing benefits but not costs. b. making choices at the margin. c. analyzing costs but not benefits. d. making the distinction between...
-
Define economics. Explain briefly how the economic way of thinking-in terms of rational, self interested people responding to incentives- relates to each of the following situations. a. A student...
-
How many orders of magnitude is 3 . 2 \ times 1 0 - 9 m smaller than 0 . 0 0 0 0 4 m ?
-
Suppose that a random variable X has the F distribution with m and n degrees of freedom. Show that the random variable mX/(mX + n) has the beta distribution with parameters = m/2 and = n/2.
-
Zhang Insurance started the year with a beginning capital balance of $25,000. During the year the business earned $40,000 of service revenue and incurred $21,000 of expenses. The owner withdrew...
-
You have audited the financial statements of the Heft Company, a December 31 year end client, for several years. The interim phase of the engagement, completed on August 31, included confirming...
-
Selected transactions for Capers Company during October of the current year are listed in Problem 5-1A. In Problem 5-1A. The following selected transactions were completed by Capers Company during...
-
1.Identify and define the key terms associated with foreign direct investment (FDI) 2 .Explain how FDI results in ownership advantages.
-
Find point estimates for the mean and standard deviation of the Months Customer data in the Credit Risk Data file. Draw five random samples of sizes 50 and 250 from the data using the Sampling tool....
-
Explain the sensitivity of your company/industry to business cycles, whether it lags or leads the cycle, and if moves with or opposite to the cycle.
-
Murphee Manufacturing is considering purchasing a machine with an expected life of 8 years for $68,000. The machine has an estimated salvage value of $4,000, Murphee expects the new machine to...
-
Pringle Corporation reported $200,000 in revenues in its 2016 financial statements, of which $88,000 will not be included in the tax return until 2017. The enacted tax rate is 40% for 2016 and 35%...
-
The T-accounts below summarize transactions of Dansko Integrated from February 22 to February 25, 2023: Cash PP&E, Net Balance 9,900 Balance 4 16,800 90 49 49 16 65 10. Accounts Receivable Balance...
-
Based on the following information, compute cash flows from financing activities. Purchase of short-term investments Dividends paid Interest paid Additional short-term borrowing from bank $ 630 890...
-
Rowe Corporation authorized $6,500 of 8% (cash interest payable semiannually) 5-year bonds. The bonds were authorized January 1, 2022; interest dates are June 30 and December 31, and yield 7.5%....
-
5. The flow rate of water through a cast iron pipe is 5000 gallons per minute. The diameter of the pipe is 1 foot, and the coefficient of friction is f = 0.0173. What is the pressure drop over a 100...
-
Consider the sections of two circuits illustrated above. Select True or False for all statements.After connecting a and b to a battery, the voltage across R1 always equals the voltage across R2.Rcd...
-
A manufacturing firm with a single plant is contemplating changing its plant size. It must choose from among seven alternative plant sizes. In the table, plant size A is the smallest it might build,...
-
Senator Borman interjects the following comment after the statements by Senators Creighton and Long reported in Problems 2-8 and 2-9: "In fact, both of my esteemed colleagues are wrong, because an...
-
The following table gives hypothetical annual total costs and total benefits of maintaining alternative populations of Asian elephants. a. Calculate the marginal costs and benefits, and draw marginal...
-
A sample that is not drawn by a well-defined random method is called a _______. In Exercises 712, fill in each blank with the appropriate word or phrase.
-
To determine his constituents feelings about election reform, a politician sends a survey to people who have subscribed to his newsletter. More than 1000 responses are received. In Exercises 916,...
-
In a _________________study, a group of subjects is studied to determine whether various factors of interest are associated with an outcome. In Exercises 510, fill in each blank with the appropriate...
Study smarter with the SolutionInn App