Question 4: Partners M, N, and O agreed to share the net income or loss in...
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Question 4: Partners M, N, and O agreed to share the net income or loss in the ratio of 5:4:3 respectively. Their capital balances were Rs.80, 000, Rs. 70, 000 and Rs. 60, 000. They decided that "O" shall retire from the partnership business, as on March 31, 2019. The firm paid to the retiring partner Rs. 69, 000 for his whole interest of the business. Required: Give entries in the journal to record the retirement. (4 Marks) Question 4: Partners M, N, and O agreed to share the net income or loss in the ratio of 5:4:3 respectively. Their capital balances were Rs.80, 000, Rs. 70, 000 and Rs. 60, 000. They decided that "O" shall retire from the partnership business, as on March 31, 2019. The firm paid to the retiring partner Rs. 69, 000 for his whole interest of the business. Required: Give entries in the journal to record the retirement. (4 Marks)
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Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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