FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instant answer within few minutes please don't waste my turn 62. A, B and C are partners sharing profits in the ratio of 5 :

image text in transcribed

Instant answer within few minutes please don't waste my turn 62. A, B and C are partners sharing profits in the ratio of 5 : 4:1. C is given a guarantee that his share of profits in any given year would be 35,000. Deficiency if any, would be borne by A and B equally. The profits for the year ended 31st March, 2016 amounted to 40,000. Pass necessary entries in the books of the firm

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 Tools For Business Decision Making

Financial Accounting Tools For Business Decision Making

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

8th Edition

1119316022, 978-1119316022

More Books

Students also viewed these Accounting questions

Question

★★★★★
How are orientation and employee training alike? How are they different?

Answered: 1 week ago

Question

★★★★★
Create a magic square by using the numbers 3, 4, 5, 6, 7, 8, 9, 10, and 11. The sum of the numbers in every column, row, and diagonal must be 21.

Answered: 1 week ago

Question

★★★★★
92. The number of coins that Josh spots when walking to work is a Poisson random variable with mean 6. Each coin is equally likely to be a penny, a nickel, a dime, or a quarter. Josh ignores the...

Answered: 1 week ago

Question

★★★★★
The condensed product-line income statement for Suffolk China Ware Company for the month of December is as follows: Fixed costs are 15% of the cost of goods sold and 40% of the selling and...

Answered: 1 week ago

Question

★★★★★
Question 8 ( 1 point ) This type of honeypot captures clients' web activity in background. Question 8 options: Tarpits Homemade Bubblegum Open - Proxy Sandnet

Answered: 1 week ago

Question

★★★★★
Assume TRS, Inc., began August with 60 units of inventory that cost a total of $1,020. During August, TRS, Inc., purchased and sold goods as follows: View the transactions. TRS, Inc., uses perpetual...

Answered: 1 week ago

Question

★★★★★
What process improvements can HeroEnergy adopt to improve standardised data, financial reporting and employee engagement? A newly established government agency focusing on renewable energy has just...

Answered: 1 week ago

Question

★★★★★
The Temper-Tone Steel Company produces two major products, a stainless steel sheet called Flextin and stainless steel silverware. Both products go through the same initial production process where...

Answered: 1 week ago

Question

★★★★★
Vaughn Co. purchased 61,7% Ivanhoe Company bonds for $61000 cash. Interest is payable annually on January 1. If 28 of the securities are sold on January 1 for $32700, the entry would include a credit...

Answered: 1 week ago

Question

★★★★★
You are the CEO of Apple, whose iPhones are all assembled in China. President Trump publicly and privately asked you to move some of the production back to the United States. President Biden pushed...

Answered: 1 week ago

Question

★★★★★
Does the Tucson data-mining project inappropriately violate users' privacy, or is it an acceptable tradeoff to more intelligently combat terrorism? Explain your answer. 2.Were the local police...

Answered: 1 week ago

Question

★★★★★
Describe the purposes of wellness programs and explain social networking and wellness.

Answered: 1 week ago

Question

★★★★★
Describe global employee and labor relations practices.

Answered: 1 week ago

Question

★★★★★
Describe global performance management and human resource development practices.

Answered: 1 week ago

Previous Question Next Question