Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Thabit, Salem and Muhanna are partners sharing profit and loss in the ratio of 121. On March 11, 2000, the arts sheet of the firm
Thabit, Salem and Muhanna are partners sharing profit and loss in the ratio of 121. On March 11, 2000, the arts sheet of the firm was as follows: Assets Amount Liabilities & Equity Amount Bank 30,000 65.000 kreditors Debtors 115,000 40,000 Profit and Loss Account Stock 10,000 Capital 550.000 Muhanna 200,000 Building Salem 120,000 Machinery 30,000 Thable 103000 420.000 455.000 Total 465.000 Total Thabit retired on April 2020 on the following terms 1. Building to be appreciated by OMR 25,000 2. Provision for doubt dents to be made at 6 of Bebtors 3. Goodwill of the finis valued at OMOD 4. OMR39,000 to be paid to Thaimmerlately and the balance transferred to an account Answer the following questions SEM Thabit, Salem and Muhanna are partners sharing profit and loss in the ratio of 121. On March 11, 2000, the arts sheet of the firm was as follows: Assets Amount Liabilities & Equity Amount Bank 30,000 65.000 kreditors Debtors 115,000 40,000 Profit and Loss Account Stock 10,000 Capital 550.000 Muhanna 200,000 Building Salem 120,000 Machinery 30,000 Thable 103000 420.000 455.000 Total 465.000 Total Thabit retired on April 2020 on the following terms 1. Building to be appreciated by OMR 25,000 2. Provision for doubt dents to be made at 6 of Bebtors 3. Goodwill of the finis valued at OMOD 4. OMR39,000 to be paid to Thaimmerlately and the balance transferred to an account Answer the following questions SEM
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started