X and Y are two partners in a firm, they admitted C as a third partner...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
X and Y are two partners in a firm, they admitted C as a third partner for 1/3 share of profit. On admission of new partner old partner noticed an unrecorded assets of Rs. 6,000 and unrecorded liability of Rs. 2,000 which they want to account for before admission of a new partner in the books of a/c. What entry will be made for this revaluation? X and Y are two partners in a firm, they admitted C as a third partner for 1/3 share of profit. On admission of new partner old partner noticed an unrecorded assets of Rs. 6,000 and unrecorded liability of Rs. 2,000 which they want to account for before admission of a new partner in the books of a/c. What entry will be made for this revaluation?
Expert Answer:
Related Book For
Accounting Information Systems basic concepts and current issues
ISBN: 978-0078025334
3rd edition
Authors: Robert Hurt
Posted Date:
Students also viewed these accounting questions
-
Horizontal and vertical analyses are effective ways to search for analytical fraud symptoms. Search the Internet for the annual report of a company of your choice. Perform both a horizontal and...
-
Examine CooperHall Companys statement of cash flows that follows. Suppose CooperHalls operating activities provided, rather than used, cash. Identify three things if using the indirect method that...
-
Based on your answers to Problem 32-4, which nation has a comparative advantage in producing digital TVs? Which nation has a comparative advantage in producing bottles of wine? Problem 32-4 Residents...
-
just finished the business plan of his start-up company. According to the projections he carried-out, the initial investment is 1,500,000 SAR (assume that we are in the beginning of 2023), which will...
-
Metallic barium has a body-centered cubic structure (all atoms at the lattice points) and a density of 3.51 g/cm3. Assume barium atoms to be spheres. The spheres in a body-centered array occupy 68.0%...
-
What are some of the things an analyst needs to understand about businesses and organizations in general?
-
While the electromagnetic interaction between the photons and the charged electrons and positrons kept them in equilibrium with each other during the early universe, show that the direct...
-
Using the payback period and unadjusted rate of return to evaluate alternative investment opportunities Louis Gallo owns a small retail ice cream parlor. He is considering expanding the business and...
-
Find the x and y intercept For the equation y= 2 x+1, Part: 0/3 Part 1 of 3 (a) Find the x-intercept. The x-intercept is DD
-
Sheila was frustrated. Although she was happy with both the topic and the constructs she had chosen to examine in her senior honors thesis, she had hit several roadblocks in determining what measures...
-
Andre is thirty-five years of age. At his birth, his father had purchased a whole life insurance policy for him. The coverage amount was $250,000. Andre is now the policy holder/owner since his...
-
What are the strengths and weaknesses of data visualization tools, such as Tableau?
-
What is exchange rate risk?
-
What are the three steps you should take prior to orally presenting your research findings? What can an oral presentation provide that is missing from a written presentation?
-
How does the role of a researcher change with the extent to which a manager has defined a problem? How can a researcher add value to a managers decision?
-
What kind of visual would be used to display the total amount of sales among four types of manufacturing plants by season?
-
Suppose you are sending a 100 byte ping packet from PC0 to PC1. Assume that there is no queuing or processing delay in the routers (hops) and that propagation delay is negligible. Assume that all of...
-
Assume that your audit team has established the following parameters for the examination of ELM's sales transactions: LO G-3 Risk of incorrect acceptance...
-
Please indicate whether each of the following statements is (i) always true, (ii) sometimes true, or (iii) never true. For those that are (ii) sometimes true, explain when the statement is true. a....
-
As you learned in the chapter, designing and implementing accounting information systems requires judgment and critical thinking. Each chapter will include an exercise like this one to help you...
-
The chapter mentioned three potential internal controls for an e-business environment: encryption, segregation of duties, and access restrictions. Consider your study of internal controls throughout...
-
James Madison, the fourth President of the United States, was 163 cm tall. His height converts to the z score of -2.28 when included among the heights of all presidents. Is his height above or below...
-
Which do you think has less variation: the IQ scores of students in your statistics class or the IQ scores of a simple random sample taken from the general population? Why?
-
Carbon monoxide is measured in San Francisco on five different days, and the mean of those five values is 0.62 parts per million. Four of the values (in parts per million) are 0.3, 0.4, 1.1, and 0.7....
Study smarter with the SolutionInn App