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

Question

1 Approved Answer

Mr. Nassar and Mr. Paul are partners, sharing profit in the ratio of 5:3. They admit Mr. Nissar as a new partner for 1/6 share

image text in transcribed
Mr. Nassar and Mr. Paul are partners, sharing profit in the ratio of 5:3. They admit Mr. Nissar as a new partner for 1/6 share in profit. Mr. Nissar acquires this share as 1/8 from Mr. Nassar and 1/24 share from Mr. Paul. Calculate sacrificing ratio, 0 1:3 3:4 None of these 3:1

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

Governmental Accounting Auditing And Financial Reporting

Governmental Accounting Auditing And Financial Reporting

Authors: Stephen J. Gauthier

1st Edition

0891252754, 978-0891252757

More Books

Students also viewed these Accounting questions

Question

★★★★★
1. Do you believe TAMU should be held vicariously liable under the doctrine of respondeat superior in this case? Why or why not? 2. Assume that the directors were independent contractors rather than...

Answered: 1 week ago

Question

★★★★★
(subject AI) Consider the following facts: Cats are animals. Feeding an animal makes it happy. People like the animals they own. People do things that bring happiness to things they like. Suzan is a...

Answered: 1 week ago

Question

★★★★★
1. How is the I part of the self different from the me part of the self, and how are they linked?

Answered: 1 week ago

Question

★★★★★
A friend named Jay Barlow has asked what effect certain transactions will have on his company. Time is short, so you cannot apply the detailed procedures of journalizing and posting. Instead, you...

Answered: 1 week ago

Question

★★★★★
In your opinion, is there any way in which Shariah screening can be combined with ethical screening of stocks? Illustrate your answer with examples.

Answered: 1 week ago

Question

★★★★★
When the data on the financial statements of the parent and its subsidiaries are combined to form the consolidated statements, intercompany transactions are given special attention. Why do you...

Answered: 1 week ago

Question

★★★★★
Chapter 33 (section 33-5a) discusses the Great Recession of 2008-2009. Respond to ONE of the following: What lingering effects from the Great Recession do you find in either news stories or in your...

Answered: 1 week ago

Question

★★★★★
Which of the following adjusting entries would be the most likely be reversed? Select one: a.DR: Depreciation Expense $500; CR: Accumulated Depreciation $500 b.DR: Salary Expense $1,980; CR: Salary...

Answered: 1 week ago

Question

★★★★★
What are "virtual or remote organizations"? Describe the role of the manager in such organizations. explain in easy words

Answered: 1 week ago

Question

★★★★★
Cost estimation; high-low; regression: wholesaler Requirements 2 and 3 only PipeDream Supplies is a wholesaler of a large variety of pipes and other plumbing needs. The company's accountant, Bobbi...

Answered: 1 week ago

Question

★★★★★
Problem No.27. The following balances are extracted from the following financial statements of Maganlal Products Ltd. Balance Sheet as on 31st March, 2014 Particulars Bank Loan Rs. 2,00,000...

Answered: 1 week ago

Question

★★★★★
Describe how to train managers to coach employees. page 404

Answered: 1 week ago

Question

★★★★★
Explain how employee development contributes to strategies related to employee retention, developing intellectual capital, and business growth. page 379

Answered: 1 week ago

Question

★★★★★
Discuss the steps in the development planning process. page 381

Answered: 1 week ago

Previous Question Next Question