Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plz Mr. Asil and Mr. Basil were partners in a firm sharing profits and losses in the ratio of 3 : 2. They admitted Mr.

plz image text in transcribed
image text in transcribed
Mr. Asil and Mr. Basil were partners in a firm sharing profits and losses in the ratio of 3 : 2. They admitted Mr. Ziyad as a new partner for 3/7th share in the profit and the new profit-sharing ratio will be 2: 2:3. Mr. Ziyad brought OMR 200,000 as his capital and OMR 150,000 as premium for goodwill. Half of their share of premium was withdrawn by Mr. Asil and Mr. Basil from the firm. a. Calculate Mr. Asil's sacrificing ratio? b. Calculate Mr. Basil's sacrificing ratio? c. If Mr. Asil and Mr. Basil withdraw their share of goodwill, pass the journal entry to show cash goodwill. Half of their share of premium was withdrawn by Mr. Asil and Mr. Basil from the firm. a. Calculate Mr. Asil's sacrificing ratio? b. Calculate Mr. Basil's sacrificing ratio? c. If Mr. Asil and Mr. Basil withdraw their share of goodwill, pass the journal entry to show cash withdrawn by the partners

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

Auditing Algorithms Understanding Algorithmic Systems From The Outside In Foundations And Trends

Authors: Danaƫ Metaxa, Joon Sung Park, Ronald E Robertson, Karrie Karahalios, Christo Wilson, Jeff Hancock, Christian Sandvig

1st Edition

1680839160, 978-1680839166

More Books

Students also viewed these Accounting questions