Need complete Answer i will rate ur answer Q.1 Ghulam, Matloob and Arif are equal partners with

Fantastic news! We've Found the answer you've been seeking!

Question:

Need complete Answer i will rate ur answer

image text in transcribed

Q.1 Ghulam, Matloob and Arif are equal partners with capital balances of Rs. 15,000; Rs. 25,000 and Rs. 20,000 respectively. Arif retires from the partnership. The remaining partners continue the business. Required: Give entries in General Journal to record the retirement of Arif: 1) Paid Rs. 25,000 to Arif. Assume that the increase in the value of assets is to be recorded as goodwill. (show the computation of goodwill)

Posted Date: Jul 11, 2024 07:19 PM

See More Questions

A U.S. corporation imported merchandise from a British company for 1,000 when the spot rate was $1.45. It issued financial statements when the current rate was $1.47, and it paid for the merchandise...
A chocolate maker has contracted to operate a small candy counter in a fashionable store. To start with, the selection of offerings will be intentionally limited. The counter will offer a regular mix...
ABC already spent $85,000 on a feasibility study for a machine that will produce a new product. The machine will cost $2,575,000. Required modifications will cost $375,000. ABC will need to invest...
Sunland Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken...
Q.9 Prepare a cash flow statement using the indirect method based on the following information: - Net Income: $150,000 - Depreciation Expense: $20,000 - Increase in Accounts Receivable: $10,000...
3.11 (a) Find the order of the elements 2, 7, 10 and 12 in F17. (b) Find the order of the elements a, a, a + 1 and a3 + 1 in F16, where a is a root of 1+x+x4.
You have been recently hired to lead a Project to relocate your main Distribution Centre (DC) from Calgary, Alberta to St. John's, Newfoundland. As the Project Manager, try to complete a project plan...
Males Mean: 69.6 Standard Deviation: 11.3 For males, find P90, which is the pulse rate separating the bottom 90% from the top 10%.
Statistics Assignments Using Excel Assignment #4: Measures of Variability Part I Below are ACT composite scores from 20 randomly selected college students. 15 33 20 25 21 24 17 16 20 25 26 21 21 17...

Need complete Answer i will rate ur answer Q.1 Ghulam, Matloob and Arif are equal partners with

Question:

Expert Answer:

Students also viewed these accounting questions