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Show me the calculation please Chapter 18: Partnerships QUESTION 3 (Admision) Cobus and Marius are partners and share profis in the ratio 2:1. On 30
Show me the calculation please
Chapter 18: Partnerships QUESTION 3 (Admision) Cobus and Marius are partners and share profis in the ratio 2:1. On 30 June 20.3 their stalement of Enancial position was as follows Land and Build no 100 000 Captat Cobus 20000 150 000 75 000 40000 14 000 Manus Vehicles Furn tute 10 000 Loan 9 000 279 000 Ein 279 000 On 1 July 20.3 they decided to admit Johan to the parinership on the folloving conditions 1. Assels should be re-valued as follows: 120 000 18 000 8 000 40 000 44 000 60 000 Land and Buildings Jehcles Furniture Goodaill inventory ebtars Johan vill oblain 1/5 share of the partnership and t was agreed that he would pay a premium for goodwill for his share. 2 3. Cobus and Marius will share the remaining profits in the- ratio 3:2. Cobus and Marus must make cash payments/withdrawals in order to get their capital balances in line with their profi-sharing ratios. 4. Goodwill should not be disclosed in the stalement of financial position after the admitance of Johan. REQUIRED: 1. Journalise the above-mentioned entries. 2. Drat the stalement of financial position immediately after Johan was admilted to the partnership Step by Step Solution
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