1

2

3

This is a whole question (10 marks) with 3 parts may I say, if that's okay? :)

Marked out of 10.0 Q1. M, Nand O are partners sharing profits and losses in the ratio od 4:3:3.0 retired and the new profits sharing ratio of existing partners is 2:1. The goodwill of the firm is valued at OMR 30,000. Record necessary journal entries on O's retirement 2 Marks The following is the balance sheet of AAl associates, a partnership firm as on 31st December 2019 The following is the balance sheet of AAl associates, a partnership firm as on 315 December 2019 Liabilities OMR Assets OMR Capital accounts: Ahammed Alhasam Ishan Goodwill 20,000 Land and building 30,000 Machinery 25,000 Motor van 5,000 Sundry debtors 10,000 Cash in hand 9,000 30,000 20,000 10,000 110,000 23,000 17,000 11,00,000 Reserve fund Creditors Bills Payable 11,00,000 On the balance sheet date Alhasam retires. The firm decided to make the following adjustments: 1. Firm's goodwill is valued at OMR 15,000 2. The assets and liabilities were valued as follows: Land and building - OMR 25,000 Machinery OMR 22,000 Motor van OMR 4,000 Debtors OMR 8,000 Creditors OMR 22,500 2. The assets and liabilities were valued as follows: Land and building - OMR 25,000 Machinery OMR 22,000 Motor van OMR 4,000 Debtors OMR 8,000 Creditors OMR 22,500 Required: Calculate the amount of money to be given to Mr.Alhasam on his retirement as a final settlement by preparing necessary accounts. 6 Marks Q3. The old profit sharing ratio of L, Q and Yare 5:3:2. Q retires. The new profit sharing ratio of existing partners are 2:1. Calculate the gaining share of L 2 Marks