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I do not want to write it by hand, please .. I want words Case-2 The balance sheet of partners Jamal and Mazin who shared
I do not want to write it by hand, please .. I want words Case-2 The balance sheet of partners Jamal and Mazin who shared the profits in the ratio of 3:2 was as follows as on 1st January 2020, Amount (OMR) 5.000 Balance sheet of Jamal and Mazin as at 19 January 2020. Liabilities Amount Assets (OMR) Bank Loan 20,000 Cash in hand Sundry Debtors 20,000 Partners' Capital Provision 300 Jamal 40,000 Mazin 30,000 70,000 Building Plant & Machinery Trademark 19.700 25.000 32 300 8000 9900.000 SATERO II IV. On January 2020 Syed is admitted as a partner on the following conditions, 1. The new partner has to get 4/15 share of profit. He has to bring OMR 30,000 as his capital. He should pay cash for goodwill which would be based on 2.5 years purchase of the average profits of past four years. Jamal and Mazin can withdraw half the amount of goodwill premium brought by Syed. V. The assets would be revalued as follows: Sundry debtors at book value less a provision of 5%. Plant & Machinery OMR-40,000 and Trademark at OMR 12,000. VI. Liabilities were valued at OMR 23,000. One bill for goods purchased having been omitted from books VIL Profit for the past four years were; OMR 15,000, OMR 20,000, OMR 14,000 and OMR 17,000 You are required to prepare a) Journal entries for the above transactions, b) Capital Accounts of partners (6 marks) (4 marks)
I do not want to write it by hand, please .. I want words
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