Camel with interest 30% and capital 140,000. Seen 30% with capital 175000 and Areen 40% with capital 185000. The partners agree that Camel is to retire and received 161,000 and implied bonus method capital Seen and Areen will be: O A. 187,000 and 194000 OB. 166000 and 173000 OC. 193,000 and 209,000 OD. 184000 and 197000
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Step by step
Solved in 3 steps
