Note : Good balánce sheet. Nlustration 13 Miwthy, Naveen and Preethi are equal partners in a firm. The Balance sheet as on 31.12.2008 is Liabilities Rs. Assets Rs. Capital Accounts: Murthy Machinery 26100 9000 Furniture 900 7200 Debtors 10800 Stock Naveen 18000 Preethi 9000 General Reserve Creditors 2700 24300 54000 54000 Preethi retired on 31.12.2008 and assets were valued as under. Machinery was valued at Rs. 30600 Furniture was valued at Rs. 720 Debtors was valued at Rs. 17100 Stock was valued at Rs. Goodwill of the firm was valued at Rs. 8820 5400 Preethi's share of goodwill is to be adjusted to the continuing partners capital without raising the goodwill account. Prepare necessary edger accounts and a new balance sheet.

Note : Good balánce sheet. Nlustration 13 Miwthy, Naveen and Preethi are equal partners in a firm. The Balance sheet as on 31.12.2008 is Liabilities Rs. Assets Rs. Capital Accounts: Murthy Machinery 26100 9000 Furniture 900 7200 Debtors 10800 Stock Naveen 18000 Preethi 9000 General Reserve Creditors 2700 24300 54000 54000 Preethi retired on 31.12.2008 and assets were valued as under. Machinery was valued at Rs. 30600 Furniture was valued at Rs. 720 Debtors was valued at Rs. 17100 Stock was valued at Rs. Goodwill of the firm was valued at Rs. 8820 5400 Preethi's share of goodwill is to be adjusted to the continuing partners capital without raising the goodwill account. Prepare necessary edger accounts and a new balance sheet.

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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E 3 17 R H Herzing College | Canadian Care: X HAC202 Acc Il 07/23: Topic Four A: X + https://online.herzing.ca/mod/assign/view.php?id=333642 HERZING Question 7: Submission status Big Trust is a non-governmental organization that gives charity to orphans in Ontario. The members of the Trust make subscriptions to fund the organization. There are ten members who are required to make subscriptions of $140,500 each per annum. All subscriptions for the year 2020 were received. Three members contributed a total of $240,640 in excess for that year. They agreed that the excess subscriptions can be carried forward to the following year. Required: 1. What is the accounting name given to theses excess subscriptions? 2. Shall the excess subscriptions be recorded as assets or liabilities of Big Trust? Explain. 3. Provide the end of the year accounting treatment for the excess subscriptions as they would appear in: o The income statement • The statement of financial position Submission A ✩ No attempt…
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