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Problem 5: A, B and C had capital balance of : A,$150,000; B, 120,000 and C, 200,000, profit sharing ratio: 1:2:3. A decides to retire.
- Problem 5: A, B and C had capital balance of : A,$150,000; B, 120,000 and C, 200,000, profit sharing ratio: 1:2:3. A decides to retire. A is paid 180,000 and goodwill of all partners is recorded
(Problem 5 related) what will be the balance in the Capital Account of B after As retirement t?
- (Problem 5 related) what will be the balance in the Capital Account of C after As retirement?
- (Problem 5 related) in the journal entry of As retirement, the goodwill account will be debited with $ 30,000.
- (problem 5 related ) in the journal entry of As retirement, the goodwill account will be debited with $ 60,000.
- (problem 5 related) Assume that B acquired Cs capital in a personal transaction and paid him $ 180,000. After this transaction the balance in Bs Capital Account will be ?
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Auditing Basics
Authors: 3G E-Learning
1st Edition
1984624261, 978-1984624260
