Aliza and Baloces are nartners sharing profit and
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- Qu Maali and Marwa are partners of Perfurme business sharing profit and loss in the ratio of 6:2. Their Balance Sheet as on 31/12/19 shows OMR 35,000 as Profit and Loss A/c in the liabilities side. On 31-12-2020 they admit mizna, on that date, their Balance Sheet showed an amount of Profit and Loss A/c in the Asset side. OMR 15,000 as ut of 10 On the same Balance Sheet an reserve fund of OMR 19500 were found. Record necessary journal entries in Maali and Marwa Perfume business. uestion FinisAhmed and Salim form a partnership on June 1. Ahmed contributes OMR 15,000 cash, inventory with a market value of OMR 40,000 , and Accounts Payable of OMR 80,000. Ahmed also contributed computer equipment with a cost of OMR 80,000 and accumulated depreciation of OMR 20,000 . Current market value is OMR 85,000 Ahmed's Capital will be Select one: O a. Credit, 30,000 O b. Credit, 60,000 O c. Debit, 30,000 O d. Debit, 60,000Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1.Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires andat the time of Pammy’s retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2:1. Record the necessary journal entries.
- Mr. Ali and Mr. Sahil are partners sharing profit in the ratio of 3: 2. They agree to admit Mr. Zaheer for 1/5 share in future profit. Mr. Zaheer brings OMR 2,50,000 as capital and enables to bring his share of goodwill in cash, the goodwill of the firm to be valued at OMR 1,80,000. At the time of admission, goodwill existed in the books of the firm at Rs.80,000. What is the journal entry if Mr. Zaheer brought his share of capital in the business?P, Q and R are partners sharing profit and losses in the ratio of 5 : 3: 2. Q retires and the goodwill of the firm is valued at $ 9,000. Assuming that P and R will share the future profits in the ratio of 4 : 1. Pass the necessary journal entries in each of the following alternative cases: (a) When no goodwill account appears in the books. (b) When goodwill account appears at $ 30,000 in the Balance Sheet.Chaman, Raman and Suman are partners sharing profits in the ratio of 5:3:2.Raman retires, the new profit sharing ratio between Chaman and Suman willbe 1:1. The goodwill of the firm is valued at Rs. 1,00,000 Raman’s share of goodwill will be adjusted: (a) by debiting Chaman’s Capital account and Suman’s Capital Accountwith Rs 15,000 each.(b) by debiting Chaman’s Capital account and Suman’s Capital Accountwith Rs. 21,429 and 8,571 respectively.(c) by debiting only Suman’s Capital Account with Rs. 30,000.(d) by debiting Raman’s Capital account with Rs. 30,000
- After the tangible assets have been adjusted to fair values, the capital accounts of Rey Refozar and Rogelio Ceradoy have balances of P75,000 and P125,000, respectively. Jiexel Manongsong is to be admitted to the partnership, contributing P50,000 cash to the partnership, for which he is to recieve an equity of P65,000. All partners share equally in profit. Required: 1. Prepare the journal entry to record the admission of Manongsong who is to recieve a bonus of P15,000. 2. Calculate the capital balances of each partners after the admission of the new partner.A, B and C are partners sharing profits in the ratio of 4:3:2. B retires and Goodwill of the firm is valued on that date RO. 27,000. Pass necessary journal entries when goodwill already appears in the books at RO. 9,000.After the tangible assets have been adjusted to current market prices, the capital accounts of Harper and Kahlil have balances of $60,000 and $90,000, respectively. Fay is to be admitted to the partnership, contributing $45,000 cash, for which she is to receive an ownership equity of $60,000. All partners share equally in income. a. Journalize the entry for the admission of Fay, who is to receive a bonus of $15,000. b. What are the capital balances of each partner after the admission of the new partner?
- After the tangible assets have been adjusted to fair values, the capital accounts of Rey Refozar and Rogelio Ceradoy have balances of P75,000 and P125,000, respectively. Bexel Manongsong is to be admitted to the partnership, contributing P50,000 cash to the partnership, for which he is to receive an equity of P65,000. All partners share equally in profit. Required: 1. Prepare the journal entry to record the admission of Manongsong who is to receive a bonus of P15,000. 2. Calculate the capital balances of each partner after the admission of the new partner.A and B are partners sharing profits and losses in the ratio of 5:3. C is admitted as a new partner for 1/5th share. C brings RO. 50,000 as his capital but he is not able to bring his share of Goodwill in cash. Total Goodwill of the firm is RO. 60,000. Pass necessary journal entries when in the books of A and B: (a) No Goodwill already appears . (b) Goodwill already appears at RO. 24,000.P and Q are partners sharing profits as 3:2. They admit R as a new partner for 1/4th share. The Goodwill Account appears in the books at its full value $20,000. R is to pay proportionate amount as premium and he pays it privately to P and Q. Show the Journal Entries.