Question
Ahmad and Bassam are partners sharing profit in the ratio of 5:3 with capital of JD 80,000 and JD.70,000, respectively. They admit a new partner
Ahmad and Bassam are partners sharing profit in the ratio of 5:3 with capital of JD 80,000 and JD.70,000, respectively. They admit a new partner Osama under bonus method for 1/4th share in capital. The new profit-sharing ratio of Ahmad, Bassam and Osama is 5:3:2, respectively. Osama brings JD.40,000 as capital. The profit on revaluation of assets and reassessment of liabilities is JD 6,400. Bassams share capital after admission is:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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 Started
Creative Accounting, Fraud And International Accounting Scandals
Authors: Michael J. Jones
1st Edition
0470057653, 9780470057650
