Victor and Mary are in partnership sharing profits and losses in the ratio 2:1. Their statement...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Victor and Mary are in partnership sharing profits and losses in the ratio 2:1. Their statement of financial position as at 31st December 2005 was as follows: Plant at cost Fixtures Stock Debtors Bank 12,000 8,460 5,500 1,530 2,250 29,740 Capitals; Victor Mary 19,820 9,920 29740 From January 1st, they decided to change their profit and loss into the ratio of their capitals. Accompanying the change was a revaluation on the partnership assets as follows: Plant Sh18,000, fixtures Sh. 8,000 and stock Sh. 5,000. You are required to show the revaluation account and the statement of financial position as at January 1st 2006. Victor and Mary are in partnership sharing profits and losses in the ratio 2:1. Their statement of financial position as at 31st December 2005 was as follows: Plant at cost Fixtures Stock Debtors Bank 12,000 8,460 5,500 1,530 2,250 29,740 Capitals; Victor Mary 19,820 9,920 29740 From January 1st, they decided to change their profit and loss into the ratio of their capitals. Accompanying the change was a revaluation on the partnership assets as follows: Plant Sh18,000, fixtures Sh. 8,000 and stock Sh. 5,000. You are required to show the revaluation account and the statement of financial position as at January 1st 2006.
Expert Answer:
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
Posted Date:
Students also viewed these accounting questions
-
Mary and Seamus are in partnership sharing profits and losses equally. The partnership agreement provides for annual salaries of 34,000 for Mary and 22,000 for Seamus. It also provides for interest...
-
Brown and Jones are in partnership sharing profits and losses equally. The statement of financial position drawn up on 31 March 20X9 showed the following position: Brown retired as from 1 April 20X9...
-
Anna and Thomas are in partnership sharing profits and losses equally. The partnership agreement provides for an annual salary to Anna of 57,000. It also provides for interest on capital of 10 per...
-
Bob Morin opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Bob Morin, Professional Corporation (P.C.), experienced the following...
-
What do you think about the idea of codes of conduct? Give three reasons why an organization ought to have a code of conduct, and give three reasons why an organization should not have a code of...
-
Determine the maximum counterweight W for which the loaded 4000-lb coal car will not overturn about the rear wheels B. Neglect the mass of all pulleys and wheels. 12" 3 B 30 W
-
Check whether the following can define probability distributions and explain your answers. (a) \(f(x)=\frac{1}{4}\) for \(x=10,11,12,13\) (b) \(f(x)=\frac{2 x}{5}\) for \(x=0,1,2,3,4,5\) (c)...
-
A shop sign weighing 245 N is supported by a uniform 155-N beam as shown in Fig. 9-54. Find the tension in the guy wire and the horizontal and vertical forces exerted by the hinge on the beam. 35.0...
-
an online retailer uses a fixed time period with safety stock inventory system to control the inventory of a type of visual reality (VR) headsets it stocks. Demand for the VR headsets average 50...
-
A 200.0-liter water tank can withstand pressures up to 20.0 bar absolute before rupturing. At a particular time the tank contains 165.0 kg of liquid water, the fill and exit valves are closed, and...
-
Give a mechanism for the following reaction. cat. Au* HO ELOH OEt
-
Are there any potential problems with devoting most compensation dollars to rewarding top performers, even if this means neglecting investments to improve the welfare of all employees (such as day...
-
Class is divided into two groups. One group must defend and support the awarding of bonuses on the basis of annual financial targets. The second group needs to support a more complex range of goals,...
-
Organizations recognize that crisis training is a necessary step. The problem is predicting the likelihood of a crisis and its nature. It begs the question as whether it should be preventive or...
-
In 2013, Ryanair were named the United Kingdoms worst brand for customer service by Which?, a Consumers Association that had evaluated 100 companies on factors such as staff attitude and their...
-
The use of social media allows training to be on demand and available when needed. Can you still apply the four levels of training evaluation (reaction, learning, application, and financial return)...
-
On January 2, 2024, Miniso Company sold equipment with a carrying amount of P500,000 in exchange for P100,000 cash and a P600,000 non-interest-bearing collectible in three equal annual installment...
-
Why do CPA firms sometimes use a combination of positive and negative confirmations on the same audit?
-
Describe the characteristics of companies limited by shares.
-
Fresh Ltd acquired 80 per cent of Stale Ltd on 1 January 20X9, when the balance on Fresh Ltds retained earnings was 160,000 and the balance on Stale Ltds retained earnings was 100,000. There have...
-
a. Explain the purpose(s) of a statement of cash flows. b. Describe the typical sources and applications of cash funds in an entity.
-
The group \(\mathrm{D}_{3}\) in Schoenflies notation (32 in international notation, which is read "three-two"; see Table 5.1 ) consists of the proper (those not reflections or inversions) covering...
-
Derive the two-dimensional matrix representation Tic)=(2) Tin)=(3) Tex)=(37) (69) T(c2b)= 1 TO)-(71) 10-(11) TO=(9) = for the group D3, using the basis (e1, e2) defined in the following figure.
-
Prove that the matrix representation of \(\mathrm{D}_{3}\) worked out in Problem 5.6 is irreducible. Data from Problem 5.6 Derive the two-dimensional matrix representation Tic)=(2) Tin)=(3)...
Study smarter with the SolutionInn App