QUESTION 20 Which one of the following alternatives represents the new profit sharing ratio after the admission of Layla into the new partnership 21 Which one of the following alternatives represents the correct journal entry for recording the capital contribution of Layla A Dr Capital Layla R176400 Cr Bank R120200 Cr Equipment R56 200 B Dr Bank R120200 Dr Equipment R56200 Cr Capital Layla R176 400 C Dr Bank R120200 Cr Equipment R56200 Cr Capital Layla R176 400 D Dr Equipment R56200 Cr Bank R120200 Cr Equipment R56 200 E Dr Bank R176400 Cr Capital Layla R176 400 22 Which one of the following alternatives represents the correct balance in the capital account of Willow after the valuation of assets and prior to the admission of Layla 23 Which one of the following alternatives represents the correct balance in the capital account of Aiden after the valuation of assets and prior to the admission of Layla 24 Which one of the following alternatives represents the correct amount of goodwill in the accounting records of WillAid Construction after the admission of Layla Given the following information for questions 2024 Willow and Aiden are partners in a construction business trading as WillAid Construction The partners are sharing profits and losses in the ratio 2 3 respectively On 31 July 2023 the following information was extracted from the accounting records of the partnership Additional information Willow and Aiden decided to admit Layla from 1 August 2023 Layla will contribute the following for a 1 3rd interest in the net asset share of the partnership Cash R 120200 Construction equipment worth R56 200 Willow and Aiden agreed to relinquish a portion of their interest in the profits or losses to Layla according to their profit sharing ratio All other assets were revalued before admitting Layla to the partnership A valuation loss was correctly calculated at R15 800 Given the following information for questions 2024 Willow and Aiden are partners in a construction business trading as WillAid Construction The partners are sharing profits and losses in the ratio 2 3 respectively On 31 July 2023 the following information was extracted from the accounting records of the partnership Additional information Willow and Aiden decided to admit Layla from 1 August 2023 Layla will contribute the following for a 1 3rd interest in the net asset share of the partnership Cash R 120200 Construction equipment worth R56 200 Willow and Aiden agreed to relinquish a portion of their interest in the profits or losses to Layla according to their profit sharing ratio All other assets were revalued before admitting Layla to the partnership A valuation loss was correctly calculated at R15 800

Question

QUESTION 20 Which one of the following alternatives represents the new profit sharing ratio after the admission of Layla into the new partnership  21  Which one of the following alternatives represents the correct journal entry for recording the capital contribution of Layla  A  Dr Capital  Layla R176400  Cr Bank R120200  Cr Equipment R56 200 B  Dr Bank R120200  Dr Equipment R56200  Cr Capital  Layla R176 400 C  Dr Bank R120200  Cr Equipment R56200  Cr Capital  Layla R176 400 D  Dr Equipment R56200  Cr Bank R120200  Cr Equipment R56 200 E  Dr Bank R176400  Cr Capital  Layla R176 400 22  Which one of the following alternatives represents the correct balance in the capital account of Willow after the valuation of assets and prior to the admission of Layla  23  Which one of the following alternatives represents the correct balance in the capital account of Aiden after the valuation of assets and prior to the admission of Layla  24  Which one of the following alternatives represents the correct amount of goodwill in the accounting records of WillAid Construction after the admission of Layla  Given the following information for questions 2024 Willow and Aiden are partners in a construction business trading as WillAid Construction  The partners are sharing profits and losses in the ratio 2 3 respectively  On 31 July 2023 the following information was extracted from the accounting records of the partnership  Additional information    Willow and Aiden decided to admit Layla from 1 August 2023    Layla will contribute the following for a 1 3rd interest in the net asset share of the partnership  Cash R 120200 Construction equipment worth R56 200   Willow and Aiden agreed to relinquish a portion of their interest in the profits or losses to Layla according to their profit sharing ratio    All other assets were revalued before admitting Layla to the partnership    A valuation loss was correctly calculated at R15 800 Given the following information for questions 2024 Willow and Aiden are partners in a construction business trading as WillAid Construction  The partners are sharing profits and losses in the ratio 2 3 respectively  On 31 July 2023 the following information was extracted from the accounting records of the partnership  Additional information    Willow and Aiden decided to admit Layla from 1 August 2023    Layla will contribute the following for a 1 3rd interest in the net asset share of the partnership  Cash R 120200 Construction equipment worth R56 200   Willow and Aiden agreed to relinquish a portion of their interest in the profits or losses to Layla according to their profit sharing ratio    All other assets were revalued before admitting Layla to the partnership    A valuation loss was correctly calculated at R15 800

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QUESTION 20 Which one of the following alternatives represents the new profit-sharing ratio after the admission of Layla into the new partnership? 21. Which one

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