Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

26, 31 Question 26 Not yet answered Marked out of 1.00 p Flag question Aqsa, Faisal and Sameera are partners sharing profits and losses in

26, 31
image text in transcribed
image text in transcribed
Question 26 Not yet answered Marked out of 1.00 p Flag question Aqsa, Faisal and Sameera are partners sharing profits and losses in the ratio of 1:2:1 respectively. Falsal retires from the firm on 31st June 2020. The credit balance of Faisal's capital account after retirement shows OMR 82.500. What would be the journal entry if 25% of the claim amount is paid instantly and the remaining is paid in instalments? O a. "Dr." Falsal's capital OMR 82.500; "CrBank OMR 20.625 and or Falsaf's loan OMR 61.875 O b. "Dr. Bank OMR 20.625 and Dr Faisals toan OMR 61.875: "Cr Faisals capital OMR 82.500 O "Dr" remaining partners OMR 61,875 and "Dr. bank OMR 20.625: ratsal's capital OMR 82.500 O d. "Dr." Faisals capital OMR 82.500, "r" remaining partners OMR 61.875 and "Cr" bank OMR 20.625 Question 31 Not yet answered Marked out of 1,00 p Flag question Aqsa, Faisal and Sameera are partners sharing profits and losses in the ratio of 2:1:1 respectively. Aqsa retires from the timon 31st June 2020. The balance sheet of the firm shows Building at OMR 158,000. On the date of retirement the building was valued at OMR 195,000. What amount be shown for Building in the revaluation account and on which side O a OMR 37.000 on Credit side O b. OMR 37.000 on both sides O COMR 37,000 on Debit side O d. Will not appear in revaluation account

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Working Papers Tools For Business Decision Making

Authors: Paul D. Kimmel ,Jerry J. Weygandt ,Donald E. Kieso

6th Edition

0470887931, 978-0470887936

More Books

Students also viewed these Accounting questions

Question

4. Support and enliven your speech with effective research

Answered: 1 week ago

Question

3. Choose an appropriate topic and develop it

Answered: 1 week ago