Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

on 29 ed out of 30 Ms. Wisal and Ms. Salma are partners in a tim sharing profits and losses in the ratio of 32.

image text in transcribed
image text in transcribed
image text in transcribed
on 29 ed out of 30 Ms. Wisal and Ms. Salma are partners in a tim sharing profits and losses in the ratio of 32. They decided to admit Ms. Ameera into partnership with 1/5 share in profits. Ms. Ameera brings in OMR 30,000 for capital and the required amount of premium in cash. The goodwill of the firm is vided at OMR 20,000. The new profit sharing ratio is 2.1.1. 1. Calculate Ms. What's sacrificing ratio tinggi 220 3:20 203 202 2. Calculate Ms. Salma's sacrificing ratio? 1 20:3 3:20 20:2 2:20 3. Ms Wisal and Ms. Salma withdraw their share of goodwill pass the journal entry to show cash withdrawn by the partners Dr.Ms. Wisal NGOMR 1600 Dr. M. Salma COMR 2400C Cash COMR 4000 None of the choices Dr M: Wisal A/COMR 1600 Dr. M. Ameera's NC OMR 2400 C.Cash AC OMR 4000 DEM Wisal NCOM 2400 Dr. Ms. Salma COMR 1600 C Cash A/COMR 4000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions