Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

solve this problem in the 4 given tables please On the above date, D was admitted as a new partner for 1/6th share of the

solve this problem in the 4 given tables please

image text in transcribed On the above date, D was admitted as a new partner for 1/6th share of the future profits on the following terms and it was decided that: 1. The New profit sharing ratio between A,B,C and D will be 2:2:1:1 2. D will bring a capital of OMR 75,000 and OMR 15,000 as her share of goodwill. 3. Goodwill of the firm being valued at OMR 90,000 4. The market value of investments was OMR 24,000 . 5. Machinery will be reduced to OMR 29,000 6. A creditor of OMR 3,000 was not likely to claim the amount and hence, to be written off. You are required to prepare Revaluation Account, Capital accounts, cash or bank accounts (if necessary) and the Balance Sheet of the reconstituted firm after admission of the new partner. Solution: Revaluation A/c Capital_A/c Cash/Bank A/c Balance Sheet

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

Accounting Theory

Authors: Contemporary Accounting Issues

1st Edition

9780324107845

More Books

Students also viewed these Accounting questions

Question

What are the steps in the strategic management process?

Answered: 1 week ago

Question

How appropriate would it be to conduct additional research?

Answered: 1 week ago

Question

Who are credible sources and opinion leaders for this public?

Answered: 1 week ago

Question

How does or how might your organization affect this public?

Answered: 1 week ago