Question
Use the following table to answer the question Sharing ratio Capital Partner's Name Elias Mikel 20% 80% OMR 70,000 OMR 120,000 New partner will
Use the following table to answer the question Sharing ratio Capital Partner's Name Elias Mikel 20% 80% OMR 70,000 OMR 120,000 New partner will be admitted to the partnership called Issa. He will bring OMR100,000 cash to the partnership. One fifth will be paid for his share of goodwill.. Which of the following is true regarding Issa admission: A) Balance c/d of Issa's Capital equal OMR75,000 B) Elias' Capital account should be debited by OMR 14,000 C) Mikel's Capital account credited by OMR16,000 D) Balance c/d of Elias's Capital is OMR66,000
Step by Step Solution
3.50 Rating (170 Votes )
There are 3 Steps involved in it
Step: 1
Option C is ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
Fundamentals Of Biostatistics
Authors: Bernard Rosner
8th Edition
130526892X, 978-1305465510, 1305465512, 978-1305268920
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App