Mr. M, Mr. N and Mr. O are partners sharing profits in the ratio of 3/8, 1/2, 1/8. Mr. retires and surrenders 2/3 of his share in favour of Mr. N and the remaining share in favour of Mr. O. Calculate gaining ratio of the remaining partners. None of these 3:1 1:2 2:1

Mr. M, Mr. N and Mr. O are partners sharing profits in the ratio of 3/8, 1/2, 1/8. Mr. retires and surrenders 2/3 of his share in favour of Mr. N and the remaining share in favour of Mr. O. Calculate gaining ratio of the remaining partners. None of these 3:1 1:2 2:1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Closer & Co. incurred and paid the following costs for internal-use software: • $12,000 in the…

A: Journal entry is a process of recording business transactions in the books of accounts for the first…

Q: . D i f f e r e n t i a t e b e t w e e n h o r i z o n t a l a n d v e r t i c a l a n…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Explain IO and PO Strips?

A: Interest only (IO) strips are a financial product shaped by unraveling the principal and interest…

Q: M-a-k-e- -a- -d-e-t-a-i-l-e-d- -s-o-l-u-t-i-o-n- -a-n-d- -e-x-p-l-a-n-a-t-i-o-n- -o-f- -h-o-w-…

A: Banks or lenders do the task and activities through which it can be determined about how much money…

Q: 4. What capital is required to be placed in an account that pays 18% annually, to produce an…

A: Here,Interest Earned is $3,600Interest Rate is 18%Time Period is 4 yearsNote: As nothing is…

Q: What do think Ir the reason why you there many depreci ation erty. ecep ted and equip ment? method…

A: Property, plant and equipment (PPE) refers to the non current assets of a company, having a useful…

Q: What types of products are bought and sold in B2Bmarkets?

A: B2B markets are those markets in which one business sells goods and services to other business.

Q: 1 . F r e d O n g k e k o w i s h e s t o h a v e P 4 M i n a r e t i r e m e n t…

A: 1. PV = A * 1-(1+r)-nr where , PV = present value of annuity A = periodic withdrawals r = interest…

Q: 1 . F r e d O n g k e k o w i s h e s t o h a v e P 4 M i n a r e t i r e m e n t…

A: Annual withdrawal refers to an amount withdraw at every period from the fund created for the purpose…

Q: DiscUES Wfour) importanie of cost auornting Yo your programhe q study

A: Cost accounting is one of the types of accounting in which the company's total cost is recorded and…

Q: Compare between Virtual merchant and Bricks-and-clicks e-tailers.

A: Business model Business model refers to the plan of a company by following which the business sells…

Q: In year 0, Javens Incorporated sold machinery with a fair market value of $500,000 to Chris. The…

A: The amount and character of gain recognized in year 0 is as follows:= Recognized gain- Character of…

Q: Inter Company was founded in Dec 2018. Inter Company provides sports services to customers. During…

A: T-accounts are created by posting transactions to their respective accounts and then calculating the…

Q: COST OF RENTING

A: In rent or buy home decision we calculate the cost benefit analysis of both and…

Q: Define each of the following terms:f. White knight; proxy fight

A: A white knight is hostile acquisition security by which a 'friendliness' person or business who…

Q: 3 من 4

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: M a k e a r e f l e c t i v e j o u r n a l o f t h e f o l l o w i n g t o p i c s :…

A: Managing personal finances can be a daunting task, but it is essential for achieving financial…

Q: W-h-a-t- -c-a-n- -s-t-u-d-e-n-t-s- -l-e-a-r-n- -f-r-o-m- -i-n-v-e-s-t-i-n-g- -m-u-t-u-a-l- -f-u-n-d-…

A: A mutual fund is a type of investment vehicle that pools money from multiple investors to invest in…

Q: B r i e f l y d e s c r i b e e a c h o f t h e f o l l o w i n g m o t i v e s f o…

A: Since you have posted multiple questions with multiple sub-parts, we will provide the solution only…

Q: a . P r e p a r e c a s h b u d g e t s f o r A p r i l , M a y , a n d J u…

A: Cash budget is a part of budgeting that shows anticipated cash inflow and outflow for a period. It…

Q: 1. A s s u m e y o u ' r e a 2 5 y e a r s o l d b a n k e m p l o y e e w h o p l a…

A: As a 25-year-old bank employee who intends to pursue a master's degree, I would suggest the…

Q: Z

A: The objective of the question is to determine the amount to be included in Darlene's gross income…

Q: Zhhshsdhhsdhhsjsjshsnsns

A: Key references: Dwivedi, Y. K., Kshetri, N., Hughes, L., Slade, E. L., Jeyaraj, A., Kar, A. K., ...…

Q: Whatisthedifferencebetweensimpleinterestandcompoundinterest?

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: In divisional income statements prepared for LeFevre Company, the Payroll Department costs are…

A: Here, payroll department costs will be allocated on the basis of a total number of payrolls.…

Q: Define Open outcry auction

A: Open outcry was a primary method which traders used for communicating the trading of stocks. In Open…

Q: M-a-k-e- -a- -u-n-d-e-r-s-t-a-n-d-i-n-g-

A: The Tax Reform for Acceleration and Inclusion Law, officially designated as Republic Act No.…

Q: Benoit Manufacturing Company manufactures and sells parts for various musical gadgets. The following…

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Q: 1 . A n g e l i n e M a e d e l a C r u z h a s j u s t g r a d u a t e d f r o m c…

A: Plan for buying a car is the process of making informed decisions when purchasing a vehicle. This…

Q: 1 . W h a t a r e t h e r o l e s o f m a n a g e m e n t a n d t h e a u d i t o r…

A: 1,Management role: Management is responsible for preparing accurate financial statements for…

Q: Egyghh gyu

A: Hope it helps :)

Q: return filers

A: Every person has to file taxes and pay them on time as designated by the tax authority. Failure to…

Q: nstebu beitilsupeib pajed 1edmem tedt ni tluae1 liw e1edmem eɔnibus 1ot noitsmotni bsnoo sb ebiv vm…

A: Given: Cost of the project (initial investment) : $ 64,000 Cash inflow: $ 18,200 per year Duration…

Q: What does XBRL stand for?

Q: how do you calculat mpg in excel?

A: Cost driver: Cost driver is one of the measurements that help the company in tracing directly the…

Concept explainers

Real Estate

Real estate means ownership of land along with the assets and natural resources that exist on the land. These properties are in real/physical form which is tangible. Real estate simply means land or addition made to land permanently like constructing a residence or different buildings. People invest in real estate to either reside or for wealth creation. Many people investing in real estate further lend the place for occupation or businesses in return for a monthly payment.

Question

Slove plz!!

Mr. M, Mr. N and Mr. O are partners sharing
profits in the ratio of 3/8, 1/2, 1/8. Mr. retires
and surrenders 2/3 of his share in favour of
Mr. N and the remaining share in favour of
Mr. O. Calculate gaining ratio of the
remaining partners.
None of these
3:1
1:2
2:1

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

kau.3 answer must be in table format or i will give down vote
JFK Sp G Persua: BIF ANSV B which c BWILL BE M (no sub Gis engli + n/courseware-delivery//ua/69158/45467532/aHR0cHM6Ly9mMi5hcHAUZWRtZW50dW0uY29tL2xlYXJuZXItdWkvc2Vjb25kYXJ5L3VzZXItY... < ☆ Unit Activity: Mathematical Models and Consumer Finance https:// Online Task 2 Saving Money Respond to each question below in two to three complete sentences. Each question is worth four points. BIUX² X₂ 15px Space used (includes formatting): 0/ 15000 Edment A G What fa Part A How can knowing your spending habits make it easier for you to learn to save money? Give an example to illustrate your explanation. !!! 6 of 12 V Print Sav
1. A-n-n-a- -M-a-r-i-e- -R-o-m--a-n- -r-e-c-e-n-t-l-y- -g-r-a-d-u-a-t-e-d- -f-r-o-m- -c-o-l-l-e-g-e- -a-n-d- -i-s- -e-v-a-l-u-a-t-i-n-g-- t-w-o- -c-r-e-d-i-t- -c-a-r-d-s-.- -C-a-r-d- -A- -h-a-s- -a-n-n-u-a-l- -f-e-e- -o-f P7,500 a-n-d- -a-n- -i-n-t-e-r-e-s-t- -r-a-t-e- -o-f 9%. C-a-r-d- -B- -h-a-s- -n-o- -a-n-n-u-a-l- -f-e-e- -a-n-d- -a-n- -i-n-t-e-r-e-s-t- -r-a-t-e- -o-f 16%. A-s-s-u-m-i-n-g- -t-h-a-t- -A-n-n-a- -M-a-r-i-e- -i-n-t-e-n-d-s- -t-o- -c-a-r-r-y- -n-o- -b-a-l-a-n-c-e- -a-n-d- -p-a-y- -o-f-f- -h-e-r- -c-h-a-r-g-e-s- -i-n- -f-u-l-l- -e-a-c-h- -m-o-n-t-h-,- -w-h-i-c-h- -c-a-r-d- -r-e-p-r-e-s-e-n-t-s- -t-h-e -b-e-t-t-e-r- -d-e-a-l-?- -I-f- -A-n-n-a- -M-a-r-i-e- e-x-p-e-c-t-e-d- -t-o- -c-a-r-r-y- -a- -s-i-g-n-i-f-i-c-a-n-t- -b-a-l-a-n-c-e- -f-r-o-m- -o-n-e- -m-o-n-t-h- -t-o- -t-h-e- -n-e-xt-,- -w-h-i-c-h- -c-ar-d- -w-o-u-l-d- -b-e- -b-e-t-t-e-r-?- -E-x-p-l-a-i-n- 2. -W-h-a-t- -i-s- -y-o-u-r- -o-p-i-n-i-o-n- -a-b-o-u-t- -u-s-i-n-g- -c-o-n-s-u-m-e-r-s- -l-o-a-n-s- -a-n-d-…
M-a-k-e- -a- -d-e-t-a-i-l-e-d- -s-o-l-u-t-i-o-n- -a-n-d- -e-x-p-l-a-n-a-t-i-o-n- -o-f- -h-o-w- -e-v-e-r-y- -o-f- -t-h-a-t- -a-m-o-u-n-t- -g-o-t-
What do the letter FIFO Stand for?
What is an XBRL tag?
U-s-e- -E-x-h-i-b-i-t- -W-o-r-k-s-h-e-e-t- 6.1. A-n-a-l-y-n- -R-a-m-o-s- -i-s- -e-v-a-l-u-a-t-i-n-g- -h-e-r- -d-e-b-t- -s-a-f-e-t-y- -r-a-t-i-o-.- -H-e-r- -m-o-n-t-h-l-y- -t-a-k-e---h-o-m-e- -p-a-y- -i-s- - ₱166,000.00. E-a-c-h- -m-o-n-t-h-,- -s-h-e- -p-a-y-s- - ₱19,000.00 f-o-r- -a-n- -a-u-t-o- -l-o-a-n-, ₱6,000.00 -o-n- -a- -p-e-r-s-o-n-a-l- -l-i-n-e- -o-f- -c-r-e-d-i--t,-- ₱3,000.00 -o-n -a- -d-e-p-a-r-t-m-e-n-t- -s-t-o-r-e- -c-h-a-r-g-e- -c-a-r-d-,- -a-n-d- ₱4,250.00 -o-n- -h-e-r- --b-a-n-k- -c-r-e--d-i-t- -c-a-r-d-. C-o-m-p-l-e-t-e- -t-h-e- -w-o-r-k-s-h-e-e-t- -b-y- -l-i-s-t-i-n-g- -A-n-a-l-y-n-’-s- -o-u-t-s-t-a-n-d-i-n-g- -d-e-b-t-s-,- -a-n-d- -t-h-e-n- -c-a-l-c-u-l-a-t-e- -h-e-r- -d-e-b-t- -s-a-f-e-t-y- -r-a-t-i-o-.- -G-i-v-e-n- -h-e-r- -c-u-r-r--e-n-t- -t-a-k-e---h-o-m--e -p-a-y-,- -w-h-a-t- -i-s- -t-h-e-- -m-a-x-i-m-u-m- -a-m-o--un-t- -o-f- -m-o-n-t-h-l-y- -d-e-b-t- -p-a-y-m-e-n-t-s- -t-h-a-t- -A-n-a-l-y-n- -c-a-n-- h-a-v-e- -i-f- --s-h-e- -w-a-n-t-s- -h-e-r- -d-e-b-t-…
Loeriten wwwww. a rcompenteerminsyean enjamny Sarterton preedincten terr an rere t ee Ne lme emarprenery atmiret mar tat relaed te is rete Aere thahey tie interete peidstet en K. The ave witae १- OCNo Terentry emrecyan 13 O. Lace te adure mac: tao aintenor Cominung nt ye uat-bry y n e NO eter 1a 0 VIS JuriN CCNO The ri on o O Tsong p
E x p l a i n t h e l i m i t a t i o n s o f b r e a k e v e n a n a l y s i s.
illustrate IO and PO strip tranches with example?