Mr Azeem, Mr Hashim and Mr Shakeel are partners sharing profits in the ratio of 4 32 Mr Azeem retires, and his share is taken up by Mr Hashim and Mr Shameel in the ratio of 3 2 Goodwill of the firm is valued on that date at OMR 30,000, 1 Calculate the new profit sharing ratio of Mr Hashim and Mr Shakeel None of the listed choice 18 27 4 2 27 18 2 1f a goodwill of OMR 12,000 already appears in the books at the time retirement of Mr Aseem, the journal entry recorded will be Pass the journal entry in the books to write off existing amount of goodwill o ED e QUENCE C 1 Calculate the new profit sharing ratio of Mr Hashim and Mr Shakeel 2 1f a goodwill of OMR 12,000 already appears in the books, at the time retirement of Mr Aseem, the journal entry recorded will be None of the listed choice Dr Mr Hasim's capital account OMR 4,800 Dr Mr Shakeel's capital account OMR 7,200 Cr Azeem's capital account OMR 12,000 Dr Mr Hasim's capital account OMR 7,200 Dr Mr Shakeel's capital account OMR 4,800 Cr Azeem's capital account OMR 12,000 Dr Mr Hasim's capital account OMR 12,000 Dr Mr Shakeel's capital account OMR 7,200 Cr Azeem's capital account OMR 4,800 Pass the journal entry in the books to write off existing amount of goodwill EPE

Question

Mr  Azeem, Mr  Hashim and Mr  Shakeel are partners sharing profits in the ratio of 4 32  Mr  Azeem retires, and his share is taken up by Mr  Hashim and Mr  Shameel in the ratio of 3 2 Goodwill of the firm is valued on that date at OMR 30,000, 1 Calculate the new profit sharing ratio of Mr  Hashim and Mr  Shakeel  None of the listed choice 18 27 4 2 27 18 2 1f a goodwill of OMR 12,000 already appears in the books at the time retirement of Mr  Aseem, the journal entry recorded will be Pass the journal entry in the books to write off existing amount of goodwill o ED e QUENCE C 1 Calculate the new profit sharing ratio of Mr  Hashim and Mr  Shakeel  2 1f a goodwill of OMR 12,000 already appears in the books, at the time retirement of Mr  Aseem, the journal entry recorded will be None of the listed choice Dr  Mr  Hasim's capital account OMR 4,800 Dr  Mr  Shakeel's capital account OMR 7,200 Cr  Azeem's capital account OMR 12,000 Dr  Mr  Hasim's capital account OMR 7,200 Dr  Mr  Shakeel's capital account OMR 4,800 Cr  Azeem's capital account OMR 12,000 Dr  Mr  Hasim's capital account OMR 12,000 Dr  Mr  Shakeel's capital account OMR 7,200 Cr  Azeem's capital account OMR 4,800 Pass the journal entry in the books to write off existing amount of goodwill    EPE

Accepted Answer

The Answer is in the image, click to view ...

Question

Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of 4:32. Mr. Azeem retires, and his share is taken up

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Auditing And Assurance Services

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question