Ms. Wisal and Ms. Salma are partners in a firm sharing profits and losses in the ratio of 3:2. They decided to admit Ms. Ameera into partnership with 1/5 share in profits. Ms. Ameera brings in OMR 30,000 for capital and the required amount of premium in cash. The goodwill of the firm is valued at OMR 20,000. The new profit sharing ratio is 2:1:1. 1. Calculate Ms. Wisal's sacrificing ratio? 20:3 3:20 2:20 20:2

Ms. Wisal and Ms. Salma are partners in a firm sharing profits and losses in the ratio of 3:2. They decided to admit Ms. Ameera into partnership with 1/5 share in profits. Ms. Ameera brings in OMR 30,000 for capital and the required amount of premium in cash. The goodwill of the firm is valued at OMR 20,000. The new profit sharing ratio is 2:1:1. 1. Calculate Ms. Wisal's sacrificing ratio? 20:3 3:20 2:20 20:2

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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