Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need right answer Dete Particular RE 3.000) 1.900 P's Capital Ne De R's Capital Me To Q's Capital Ne (Being Q's share of goodwill adjusted

image text in transcribed

need right answer

Dete Particular RE 3.000) 1.900 P's Capital Ne De R's Capital Me To Q's Capital Ne (Being Q's share of goodwill adjusted among P and R in their gaining ratio) 4.500 P's Capital Alc Dr. Q's Capital Nc DE R's Capital Mc To Goodwill nc (Being old goodwill written off among all partners in their old ratio) 3.000 1.500 ILLUSTRATION 28 (Retirement of a Partner) On 31 March 2010, the Balance 5 and T who were sharing profits and losses in the ratio of 1:2 follows: 25 BALANCE SHEET ar af 37.3.2010 Llabilities Rs. Assets Bank Overdraft 10000 Cush Bills Payable 10.000 Debtors 15100 160 Creditors Capital Accounts R 3D Less: Reserve Stock Machinery Land and Buildings 47.500 45.000 22.50X 5 1 1.15.00 1.51200 S retires on the same day and the following re-adjustments of assets and lot been agreed upon That out of the amount of insurance which was debited entirely to Profit Account Rs.1.500 be carried forward for unexpired insurance That the Land and Building be appreciated by 10% HD That the Reserve for Doubtful Dehus be brought up to sit on Debon in That Machinery be decreased by 10% That Provision of R2,250 be made respect of an Outstanding Batt That the Goodwill of the entire fire he fet at Rs 27.000 and adjusted in to the accounts of Rand T. who are going to share proportion of respectively no youndwill beograd This su padrely what is done in the

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

Trusted Advisors Key Attributes Of Outstanding Internal Auditors

Authors: Richard F. Chambers, President And CEO Of The IIA

1st Edition

0894139819, 978-0894139819

More Books

Students also viewed these Accounting questions