Question: please give correct Answer A and B were partners sharing profit and losses in the ratio of 3:2. They admit C for 1/5 share and

please give correct Answer A and B were partners sharing profit

please give correct Answer

A and B were partners sharing profit and losses in the ratio of 3:2. They admit C for 1/5 share and guarantee that his share of profit will not be less than $10,000. It was further agreed that excess payable to Cover his share will be borne by A and B in the ratio of 4:1 Total profits of the firm were $40,000. Prepare profit and Loss Appropriation Account

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

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!

please give correct Answer A and B were partners sharing profits and losses in the ratio of 3:2. They admit C for 1/5th share and guarantee that his share of profits will not be less than $10,000....

1. Answer the following question (give workings): (1) Babbu and Dabbu are partners, sharing profit or loss in the ratio 3:2. They admit Kachari for 1/6th share of profits in the firms of which she...

need Answer ASAP in typing please (Treatment of goodwill). A and B are partners sharing profits and losses in the ratio of 3: 2. They admit C on the condition that he will bring $20,000 as his share...

A and B are partners sharing profit and losses in the ratio of 3:2. C is admitted as a new partner for 1/4th share. C brings RO. 25,000 as his Capital and necessary amount of his share of goodwill in...

..I OMANTEL 3:35 PM 88% C12 028: Preparation of revaluation account arises in which of the following situation's? d. All of the listed situations a. At the time of death of a partner b. At the time...

Answer Question: Part A. Question 1 Security A has expected return of 17.6% and beta of 1.4. If the risk-free rate is 6%, what is the reward-to-risk rate for Security A? Enter your answer as a...

Question 37 Answer saved Loss on revaluation is transferred to a. Debit side of partner's capital account Marked out of 1.00 P Flag question b. Credit side of partner's capital account C. Debit side...

Questo 1 Not ye answered A and B are partners sharing profits and losses in the ratio of 1:1. They admit Cinto partnership for 1/4th share. The new partner is unable to bring his share of goodwill....

12. Four partners were engaged in a partnership firm. One partner died on 18 August 2020. The old balance sheet of the firm shows Debtors at OMR 14,000. On the date of the partner's death, a new...

Question 11 What is the journal entry to adjust interest on capital? Not yet answered 0 Marked out of 1.00 15 P Flag question Dr. Interest on Capital a/c Cr. Partners' Capital/Current a/c Cr....

Two tanks are connected by a valve and line. The volumes are both 35 ft3 with R-134a at 70 F, quality 25% in A and tank B is evacuated. The valve is opened and saturated vapor flows from A into B...

Which of the following firms produce at the minimum efficient scale? OA. Toyota produces 20 cars a day at its Texas plant at which its profit is maximized. B. Starbucks' makes 1000 chai lattes each...

Today is Dec. 31, 2020. Mark is planning to retire in 40 years from today and wants to save some money to support his living for at least 20 years, i.e., 2061 through 2080, after his retirement. Mark...

WHAT IS the cash flow statement BBINFIT ,AND HOW WE CAN ANALAYSES

7. last word If a firms current revenues are less than its current variable costs, when should it shut down? If the firm decides to shut down, should we expect that decision to be final? Explain...

5. The basic model of pure competition reviewed in this chapter finds that in the long run all firms in a purely competitive industry will earn normal profits. If all firms will only earn a normal...

6. Ninety percent of new products fail within two yearsso you shouldnt be so eager to innovate. Do you agree? Explain why or why not. LO11.5