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QUESTION 2 Which one of the following alternatives represents the correct balance in the capital account of Mrebe after the valuation of assets and prior to the admission of Mqithwa? A. 147 900 B. 112 950 C. 125 400 D. 123 200 O O

QUESTION 2 Which one of the following alternatives represents the correct balance in the capital account of Mrebe after the valuation of assets and prior to the admission of Mqithwa? A. 147 900 B. 112 950 C. 125 400 D. 123 200 O O

FINANCIAL ACCOUNTING
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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QUESTION 2 Which one of the following alternatives represents the correct balance in the capital account of Mrebe after the valuation of assets and prior to the admission of Mqithwa? A. 147 900 B. 112 950 C. 125 400 D. 123 200 O O
Transcribed Image Text:QUESTION 2 Which one of the following alternatives represents the correct balance in the capital account of Mrebe after the valuation of assets and prior to the admission of Mqithwa? A. 147 900 B. 112 950 C. 125 400 D. 123 200 O O
Mrebe and Johannes are in a partnership trading as KwaQongo Farmers. The partners are sharing profits and losses equally. On 30 July 20.1 the following information was extracted from the accounting records of the partnership: EXTRACT OF GIVEN INFORMATION FOR KWAQONGO FARMERS Capital - Mrebe.. Capital- Johannes... Current account- Mrebe (Cr).. Current account-Johannes (Dr). 124 500 110300 45400 28400 Mrebe and Johannes decided to admit Mqithwa from 1 August 20.1. Mqithwa will contribute the following to acquire a fifth of the net asset share of the partnership 1. Cash.. 21300 2. Farming equipment worth.. 58000 Mrebe and Johannes agreed to relinquish 20% of their share in profits or losses to Mqithwa in the ratio of 3:1 respectively All other assets were revalued before admitting Mqithwa to the partnership. A valuation loss was correctly calculated at.. 44000
Transcribed Image Text:Mrebe and Johannes are in a partnership trading as KwaQongo Farmers. The partners are sharing profits and losses equally. On 30 July 20.1 the following information was extracted from the accounting records of the partnership: EXTRACT OF GIVEN INFORMATION FOR KWAQONGO FARMERS Capital - Mrebe.. Capital- Johannes... Current account- Mrebe (Cr).. Current account-Johannes (Dr). 124 500 110300 45400 28400 Mrebe and Johannes decided to admit Mqithwa from 1 August 20.1. Mqithwa will contribute the following to acquire a fifth of the net asset share of the partnership 1. Cash.. 21300 2. Farming equipment worth.. 58000 Mrebe and Johannes agreed to relinquish 20% of their share in profits or losses to Mqithwa in the ratio of 3:1 respectively All other assets were revalued before admitting Mqithwa to the partnership. A valuation loss was correctly calculated at.. 44000
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