Take you own timeThanks for hepling!! Note : Good willhalince sheet,ustration 13sheet as on 31.12.2008 isLiabilitiesRs.AssetsRs.Capital Accounts :MurthyMachinery9000 Furniture26100900Naveen7200 Debtors18000Preethi10800 Stock9000General ReserveCreditors2700243005400054000Preethi retired on 31.12.2008 and assets were valued as under.Machinery was valued atRs.30600Furniture was valued atRs.720Debtors was valued atRs.17100Stock was valued atRs.8820Goodwill of the firm was valued at Rs.5400Preethi's share of goodwill is to be adjusted to the continuing partnerscapital without raising the goodwill account. Prepare necessarykdger accounts and a new balance sheet. Kamesh retires on the date with the following terms :Mustration 12Balance Sheet as on 31.3.2009Rs.AssetsLDesCaptal AccountRameshCashRs.25000400000 Debtors160000300000 (-) ReservesKamesh50002500D0Suresh155009Cereari ReserveCredtorsBIN Payable120000 Stock190000 Machinery50000 Premises13100002500004300004500001310000(O To depreciate machinery by 10%(ii) To increase the stock by Rs. 30,000(ii) To increase the premises by 10%(iv) To raise reserve for Bad debts by Rs.19,500(v) Goodwill of the firm is valucd at Rs. 1,80,000Ramesh and Suresh decided to write off the goodwill of the firm. Thenew profit sharing ratio is 3:2. Prepare Revaluation A/c, Partner'sCapital A/c and Balance Sheet.[University of Madras B.Com Oct. 2000 Adapted

“Since you have asked multiple question, we will solve the first question for you( Illustration 12)…

Mhustration 12 Raesh, Kanesh and Suresh are partners of a firm sharing profits and losses in 3:2:1 ratio. Following is their balance shoct. Balance Sheet as on 31.3.2009 Rs. Assets Les Captal Account Remesh Rs Cash 25000 400000 Dettors 300000 Reserves 100000 Kamesh 250000 Suresh Cere Reserve Ondors Payable 120000 Stock 190000 Machinery so000 Premises 1310000 15000 250000 45000 Kamesh retires on the date with the following terms : @ To depreciate machinery by 10% (üi) To increase the stock by Rs. 30,000 (ii) To increase the premises by 10% (iv) To raise reserve for Bad debts by Rs.19,500 (v) Goodwill of the firm is valued at Rs. 1,80,000 Ramesh and Suresh decided to write offthe goodwill of the firm. The new profit sharing ratio is 3:2. Prepare Revaluation A/c, Partner's Capital Ale and Balance Sheet. (University of Madras B.Com Oct. 2000 Adapted

Mhustration 12 Raesh, Kanesh and Suresh are partners of a firm sharing profits and losses in 3:2:1 ratio. Following is their balance shoct. Balance Sheet as on 31.3.2009 Rs. Assets Les Captal Account Remesh Rs Cash 25000 400000 Dettors 300000 Reserves 100000 Kamesh 250000 Suresh Cere Reserve Ondors Payable 120000 Stock 190000 Machinery so000 Premises 1310000 15000 250000 45000 Kamesh retires on the date with the following terms : @ To depreciate machinery by 10% (üi) To increase the stock by Rs. 30,000 (ii) To increase the premises by 10% (iv) To raise reserve for Bad debts by Rs.19,500 (v) Goodwill of the firm is valued at Rs. 1,80,000 Ramesh and Suresh decided to write offthe goodwill of the firm. The new profit sharing ratio is 3:2. Prepare Revaluation A/c, Partner's Capital Ale and Balance Sheet. (University of Madras B.Com Oct. 2000 Adapted

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Solve both parts of this practice problem
O e. OMR156.75 Clear my choice non 6 et ered Ali is a student at the University. He recently purchased a car for OMR5,000 to use it for going to the University. Ali also expects that other friends might ask for transportation from him. He expects a total monthly revenue of OMR60. He expects fuel cost to be OMR30 per month. One of Ali's friends is a taxi driver. He offered Ali to take him to University for a monthly fee of OMR10. Because he does not have to drive, Ali believes that he can perform online work ed out of g question that would earn him a monthly revenue of OMR10. What is the differential revenue in this scenario? Select one: O a. OMR20 O b. OMR40 O c. OMR10 O d. OMR30 O e. OMR50 ious page Next page 18
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Required information [The following information applies to the questions displayed below.] Consider the following narrative describing the process of planning a vacation: Yannis is planning a trip to Hawaii with a friend. They first decide when they want to go and how much they can afford to spend. Then, they make their flight and hotel reservations. They wait until the scheduled departure. They travel to Hawaii and stay in the hotel. They enjoy a number of tourist activities. When their time in Hawaii is done, they fly home. Prepare Vacation Plans + Time to plan vacation Reserve Flights Reserve Hotel + Travel to Hawaii Enjoy Activities Travel Home Wait until departure date Required: b. Consider the same narrative as described in the beginning, except include the possibility flights and/or rooms are not available within their budget. If nothing meets their budget, they try alternate dates. If they cannot find anything within budget on the alternate dates, they cancel their trip. a.…
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