A and B were partners in a firm sharing profits and losses in the ratio of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A and B were partners in a firm sharing profits and losses in the ratio of 3:2. They admitted C as a new partner for 3/7th share in the profit and new profit sharing ratio will be 2: 2:3. C brought Rs.2, 00, 000 as his capital and Rs.1, 50, 000 as premium for goodwill. Half of their share of premium was withdrawn by A and B from the firm. Calculate sacrificing ratio and pass necessary Journal entries for the above transaction in the books of the firm. A and B were partners in a firm sharing profits and losses in the ratio of 3:2. They admitted C as a new partner for 3/7th share in the profit and new profit sharing ratio will be 2: 2:3. C brought Rs.2, 00, 000 as his capital and Rs.1, 50, 000 as premium for goodwill. Half of their share of premium was withdrawn by A and B from the firm. Calculate sacrificing ratio and pass necessary Journal entries for the above transaction in the books of the firm.
Expert Answer:
Answer rating: 100% (QA)
JOURNAL 1 Cash ac Dr 350000 To Cs Capital ac 200000 To Premium ... View the full answer
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Posted Date:
Students also viewed these marketing questions
-
Are there any Administrative Agencies that your LLC will need to concern yourself with? For example, if your LLC is a drug company or deals with food, the Federal Food and Drug Administration (FDA)...
-
Case Stuay #2 Community Policing on the Internet: Spamhaus Targets Worldwide Spammers Silently protecting the inboxes of billions of people worldwide is an international nonprofit organization called...
-
I have to find difference between ADI method on solving 2D diffusion equation with larger time-step and also 2D steady-state diffusion equation using centered difference method with smaller...
-
Three balls A, B, and C, with masses of 3 kg, 1 kg, and 1 kg, respectively, are connected by massless rods. The balls are located as in Figure. What are the coordinates of the center ofmass? y. m 1...
-
Determine the general solution of the differential equation dy/dx = x4 - 2y/2x Show that the solution is correct. (Derive the first derivative of the solution, and then substitute back into the...
-
On January 1, 2011, Von Company entered into two noncancelable leases for snew machines to be used in its manufacturing operations. The first lease does not contain a bargain purchase option; the...
-
Although an attorney's letter reveals no significant disagreements with management's assessment of contingent liabilities, the attorney resigns shortly thereafter, suggesting: a. The auditor must...
-
Colonel Electric is a large company that produces lightbulbs and other electrical products. One particular lightbulb is supposed to have an average life of about 1,000 hours before it burns out....
-
discuss how you would respond to this message. be thorough and cite any sources you use. The Frustrated Manager A professional colleague who teaches total quality concepts received the following...
-
Harrison Printing has projected its sales for the first eight months of 2014 as follows: Harrison collects 20 percent of its sales in the month of the sale, 50 percent in the month following the...
-
Among children who spend much time playing alone, what factors distinguish those who are likely to have adjustment difficulties from those who are well-adjusted and socially skilled?
-
Describe an organizational change model that can be used in a dynamic health care environment. Based on this model, how is organizational change is managed? What role do stakeholders play during...
-
How can you use Kotter's 8-Step Process for organizational change for a future career?
-
Who has this role of communicating the organizational changes of the company to its employees? What are the qualities they must possess in order to play this role? Is there a way, that you understand...
-
What is meant by the idea of organizational change? How does organizational development facilitate organizational change?
-
Distinguish between the four kinds of organizational change that can be promoted with information technology. Explain how you have been impacted by one of these kinds of organizational change. What...
-
Build a spreadsheet model to assess the feasibility of the gymnasium renovation and calculate payback period and Return on Investment for the 2 age categories. Incremental revenue and costs should be...
-
Refer to the Conservation Ecology (Dec. 2003) study of the causes of forest fragmentation, presented in Exercise 2.166 (p. 97). Recall that the researchers used advanced high-resolution satellite...
-
Kohl Ceramics, Inc.s comparative balance sheets, for December 31, 2014 and 2013, follow. During 2014, the company had net income of $192,000 and building and equipment depreciation expenses of...
-
Davis Corporation, a clothing retailer, engaged in the transactions that follow. Opposite each transaction is a ratio and space to mark the effect of each transaction on the ratio. Required Show that...
-
Bar Company has a maximum capacity of 500,000 units per year. Variable manufacturing costs are $25 per unit. Fixed overhead is $900,000 per year. Variable selling and administrative costs are $5 per...
-
Prove: 'Bernoulli's equation is a restrictive form of energy equation'.
-
What are the assumption made for the establishment of Bernoulli's equation?
-
A pipe, through which water is flowing, has diameters \(30 \mathrm{~cm}\) and \(15 \mathrm{~cm}\) at crosssections 1 and 2 respectively. The discharge velocity of the pipe is \(40 \mathrm{~L} /...
Study smarter with the SolutionInn App