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

Question

1 Approved Answer

Mr. K. Mr. N and Mr. P are partners sharing profits and losses in the ratio of 4: 3:2. Mr. N retires, and the goodwill

image text in transcribed
Mr. K. Mr. N and Mr. P are partners sharing profits and losses in the ratio of 4: 3:2. Mr. N retires, and the goodwill is valued at OMR 72,000. Mr. K and Mr. P decided to share future profits and losses in the ratio of 5:3. Calculate the gaining ratio of Mr.K and Mr. P. 13:11 10:11 None of these 11:13 Next page

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_2

Step: 3

blur-text-image_3

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

Fundamentals Of Public Budgeting And Finance

Fundamentals Of Public Budgeting And Finance

Authors: Aman Khan

1st Edition

3030192253, 978-3030192259

More Books

Students also viewed these Accounting questions

Question

★★★★★
(a) A student rotates on a frictionless piano stool with his arms outstretched, a heavy weight in each hand. Suddenly he lets go of the weights, and they fall to the floor. As a result, does the...

Answered: 1 week ago

Question

★★★★★
Basic Job Costing Assume the following for White Top, Inc, for the current year. White Top applies overhead on the basis of units produced. Budgeted overhead .................$200,000 Actual overhead...

Answered: 1 week ago

Question

★★★★★
The private market for long-term nursing home care is small in the US only about 10% of the elderly population hold a long-term care insurance policy, despite the substantial financial risk...

Answered: 1 week ago

Question

★★★★★
On December 31, 2011, Debenham Corporation sold for $15,000 an old machine having an original cost of $84,000 and a book value of $9,000. The terms of the sale were as follows: $3,000 down payment,...

Answered: 1 week ago

Question

★★★★★
20. You are given the following selected financial information for The Blatz Corporation. Income Statement COGS Net income Balance Sheet $750 $160 Cash Net fixed assets $250 $850 Ratios ROS Current...

Answered: 1 week ago

Question

★★★★★
QUESTIONS Use the following information to calculate the change in real GDP for an economy as measured in 2012 prices. Year GDP (5 billion) GDP deflator 2012 $1.450 100 2017 $1,900 150 a. Increased...

Answered: 1 week ago

Question

★★★★★
Risk preferences Investment 1 has a 50% chance of paying $100 and a 50% chance of paying $200. Investment 2 has a 50% chance of paying $50 and a 50% chance of paying $250. Both investments cost $130...

Answered: 1 week ago

Question

★★★★★
During the Covid-19 outbreak and Movement Restriction Order (MRO), daily routines of Malaysian has changed. Many business could not operate according to their normal routines and many business...

Answered: 1 week ago

Question

★★★★★
Below is a poorly written email. Rewrite it so that it includs the required points that define a professional business email. ( 1 0 marks ) Subject: URGENT Payment Issue Hey, I cannot believe you...

Answered: 1 week ago

Question

★★★★★
Baldwin Inc. sells a wide range of drums, bins, boxes and other containers that are used in the chemical industry. One of the companys products is a heavy duty corrosion-resistant metal drum, called...

Answered: 1 week ago

Question

★★★★★
Help Save & Exit Exercise 2.10 (Algo) Preparing a statement of owner's equity and a balance sheet. LO 2-5 Check my w At the beginning of September, Helen Rojas started Rojas Wealth Management...

Answered: 1 week ago

Previous Question Next Question