A and B are partners of a firm sharing profits in the ratio of 3:2. C...
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A and B are partners of a firm sharing profits in the ratio of 3:2. C was admitted for the 1/5th share of profit in the firm. For this, the machinery would be appreciated by 10% (book value Rs 80,000) and the building would be depreciated by 20% (book value Rs 2,00,000). Unrecorded debtors of Rs. 1,250 would be brought in the books and a creditor of Rs. 27,500 died and the firm does not need to pay anything to him. What will be the profit/loss on revaluation? A and B are partners of a firm sharing profits in the ratio of 3:2. C was admitted for the 1/5th share of profit in the firm. For this, the machinery would be appreciated by 10% (book value Rs 80,000) and the building would be depreciated by 20% (book value Rs 2,00,000). Unrecorded debtors of Rs. 1,250 would be brought in the books and a creditor of Rs. 27,500 died and the firm does not need to pay anything to him. What will be the profit/loss on revaluation?
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Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
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