X and Y are partners in a partnership firm sharing profits in the ratio of 5:3...
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X and Y are partners in a partnership firm sharing profits in the ratio of 5:3 respectively. Z was admitted on the following terms: Z would pay Rs.1,00,000 as capital and Rs. 32,000 as Goodwill, for a 1/5th share of profit. Machinery would be appreciated by 10% (book value Rs. 1,60,000), and the building is depreciated by 20% (Rs.4,00,000). Unrecorded debtors are of Rs. 2,500 would be bought into books note, and creditors are amounting to Rs. 5,500 died and need not pay anything tolls estate. Find the distribution of profit/loss on revaluation between X, Y and Z? A Loss-35000:21000:0 B Loss-28000:16800:11200 C Profits-.35000:21000:0 D Profit-28000:16800:11200 X and Y are partners in a partnership firm sharing profits in the ratio of 5:3 respectively. Z was admitted on the following terms: Z would pay Rs.1,00,000 as capital and Rs. 32,000 as Goodwill, for a 1/5th share of profit. Machinery would be appreciated by 10% (book value Rs. 1,60,000), and the building is depreciated by 20% (Rs.4,00,000). Unrecorded debtors are of Rs. 2,500 would be bought into books note, and creditors are amounting to Rs. 5,500 died and need not pay anything tolls estate. Find the distribution of profit/loss on revaluation between X, Y and Z? A Loss-35000:21000:0 B Loss-28000:16800:11200 C Profits-.35000:21000:0 D Profit-28000:16800:11200
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D Profit280001680011200 The distribution of profitloss on revaluation between X Y and Z is D Profit2... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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