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Gill and Zaahir are in the business of supplying and installing solar panels in the form of a partnership trading as Solar Installations. Gill and
Gill and Zaahir are in the business of supplying and installing solar panels in the form of a partnership trading as Solar Installations. Gill and Zaahir share profits and losses in the ratio 1:2 respectively. On 31 May 2023 the following information was extracted from the accounting records of the partnership: Additional information - Gill and Zaahir agreed to admit Brian as a new partner from 1 June 2023. - Brain will contribute the following to acquire a third of the net asset share of the partnership: - Gill and Zaahir agreed to relinquish the 1/3 share equally. of the partnership: Cash. R23 200 Solar Installation Equipment R130000 - Gill and Zaahir agreed to relinquish the 1/3 share equally. - All other assets were revalued before admitting Brian to the partnership. - A valuation profit was correctly calculated at R68400 Which one of the following alternatives represents the new profit-sharing ratio after the admission of Brian into the new partnership? a. 2:3:1 b. 3:2:1 c. 1:3:2 d. 2:1:2 Assuming Gill and Zaahir agree to relinquish the 1/3rd share in terms of their existing profit-sharing ratio, which one of the following alternatives represent the new profit-sharing ratio after the admission of Brian into the new partnership? a. 2:4:3 b. 1:3:2 c. 3:2:1 d. 2:3:1 Which one of the following alternatives represents the correct balance in the capital account of Gill after the valuation of assets and prior to the admission of Brian? a. R112 100 b. R167 450 c. R 148600 d. R68500
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