Question: Assume that Mohammed paid OMR 12,000 for his share of goodwill in a partnership. If Mohammed, Ibrahim, Yusef and Ali are sharing profit and

Assume that Mohammed paid OMR 12,000 for his share of goodwill in

Assume that Mohammed paid OMR 12,000 for his share of goodwill in a partnership. If Mohammed, Ibrahim, Yusef and Ali are sharing profit and losses in the ratio 2:4:1:5 respectively, then Yusef share of Goodwill will be in OMR: A) 3,000 B) 6,000 C) 72,000 D) None of the above 133G

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Please find the answer below Mohammed ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

The manager of Haines Company observes that the morale of employees in her company is low. She thinks that if their working conditions are improved, pay scales raised, and the vacation benefits made...

Happy employees create happy customers. Explain why this statement might be true, and identify conditions in which it might not be true.

A child on vacation wakes up. She is lying on her back. The tension in the muscles on both sides of her neck is 55.0 N as she raises her head to look past her toes and out the motel window. Finally...

1) Assume that Mohammed paid OMR 12,000 for his share of goodwill in a partnership. If Mohammed, Ibrahim, Yusef and Ali are sharing profit and losses in the ratio 2:4:1:5 respectively, then Yusef...

Record journal entries 1. Paul invested cash 503218 into business 2. Paul bought a building for 400000 3. PGS purchases $521000 worth of inventory to sell to customers 4. Paul paid rent $9003 5. Paul...

Part 1: Multiple Choice Questions 1) Assume that Mohammed paid OMR 12,000 for his share of goodwill in a partnership. If Mohammed, Ibrahim, Yusef and Ali are sharing profit and losses in the ratio...

Question 1 Kazana Training Institute (KTI) is a vocational training institution offering technical education in engineering courses to high school leavers. The following is their trial balance for...

7 . The accountant of Mambopotea Lid, by error, entered cheques Shs 560,000 received from MB Beverages as a credit Shs 650,000 and Shs 3,200,000 paid to Computer World as a credit Shs 2,300,000 in...

Kazana Training Institute (KTI) is a vocational training institution offering technical education in engineering courses to high school leavers. The following is their trial balance for the year...

Consider the data from Exercise 11-5 on y = sales price and x = taxes paid.(a) Test H0: B1 = 0 using the t-test; use a = 0.05. (b) Test H0: B1 = 0 using the analysis of variance with a = 0.05....

Should firms require higher rates of return on foreign projects than on identical projects located at home? Explain. Discuss.

Kagiso, the client success manager of a software service company, wants to put forward an idea for improving client retention rates to the board of directors. However, when he presents the idea in a...

Use Targets 2017 annual report filed with the SEC in 2018 for the following calculations. For the most recent year presented, what was Targets total asset turnover? Do NOT round intermediate...

Using the force vs. time graph (Figure 14.6) for human resistance to g forces, predict whether Stapp suffered serious injury in the course of his record-breaking trip. In the 1950s when Air Force...

The acceptance rate for a sample of law schools and the percentage of students employed at graduation are on this texts website. A low acceptance rate means the law school is highly selective in...

If we maintain a reference to the position of the leftmost node of a binary search tree, then operation firstEntry can be performed in O(1) time. Describe how the implementation of the other map...

The science of pain control has evolved dramatically in the past several years. The body deals with pain by releasing anandamide (see Section 20-6). Anandamide binds to the cannabinoid receptor, the...

Each country in the European Union has a common law system like the United States. True False

Please do all of the following 1.Journal Entries 2.Ledger Accounts 3. Unadjusted Trial Balance Below what the table should look like Journal Entries Ledger accounts Unadjusted account Mohammed...

22 Mr. A purchased merchandise inventory from Mr. 8 costing RO sooo with a terms of 2/20, 1/60 on ist October 2018. On 4th October 2019, he returned defectivo merchandise worth RO 1000 to Mr.B on...

2. Oman Refineries and Petrochemical Company has provided following information: > During the year 2019 a net profit of the company is estimated to be OMR 150,000. > The accountant of the company is...

Mr. Mohammed has OMR 50,000 and Mr. Javed has OMR 25,000. Investment alternatives available are as below:- Securities Return Probability Equity 15% 10% Preference share 12% 10% Government bonds 8% 6%...

Problem: Mohammed started delivery cinny in Muscat in June 2018 (Mohammed Delivery Service). During the month of Juane, several transactions occurred which are a follows:: June 5, The owner invested...

Please provide all three 1 Journal Entries 2. Ledger Accounts 3. Unadjusted Trial balance For Journal Entries For Unadjusted Trial balance Please do all of them I need it Urgently 1. Mohammed started...