Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of 4:3:2. Mr. Azeem retires, and his share is taken up by Mr. Hashim and Mr. Shameel in the ratio of 3:2. Goodwill of the firm is valued on that date at OMR 30,000. 1.Calculate the new profit-sharing ratio of Mr. Hashim and Mr. Shakeel. 27:18
Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of 4:3:2. Mr. Azeem retires, and his share is taken up by Mr. Hashim and Mr. Shameel in the ratio of 3:2. Goodwill of the firm is valued on that date at OMR 30,000. 1.Calculate the new profit-sharing ratio of Mr. Hashim and Mr. Shakeel. 27:18
Chapter1: Financial Statements And Business Decisions
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![Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of 4:3:2. Mr. Azeem retires, and his share is taken
up by Mr. Hashim and Mr. Shameel in the ratio of 3:2. Goodwill of the firm is valued on that date at OMR 30,000.
1.Calculate the new profit-sharing ratio of Mr. Hashim and Mr. Shakeel.
27:18
If a goodwill of OMR 12,000 already appears in the books, at the time retirement of Mr. Aseem, the journal entry recorded will](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2121d459-0fcf-45d2-82ef-a77013e3fc3d%2F20fa09f0-e67b-42d1-8d57-e055abce055f%2Fe923nzc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of 4:3:2. Mr. Azeem retires, and his share is taken
up by Mr. Hashim and Mr. Shameel in the ratio of 3:2. Goodwill of the firm is valued on that date at OMR 30,000.
1.Calculate the new profit-sharing ratio of Mr. Hashim and Mr. Shakeel.
27:18
If a goodwill of OMR 12,000 already appears in the books, at the time retirement of Mr. Aseem, the journal entry recorded will
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