Give me answer within 45 min please ......I will give you upvote immediately.....its very urgent.... (Adjustment of Capitals) Devin, Marco andEthan werepartners sharing profit and losses in theratio of 3: 2: 1. OnMarco retirement their capital showed thefollowing balances:Devin = $ 1,00,000Marco = $ 50,000Ethan = $ 50,000Devin and Ethan decided to share futureprofits and lossesequally.Marco was to be paid and it was decidedthat Devinand Ethan would bring in sufficient cash soas to pay Marcoand make their capitals proportionate totheir new profitsharing ratio.Show the necessary adjustments.

Retirement of the partner is that the partner which has gone from the partner does not remain a…

Answered: Show the necessary adjustments.

Business

Accounting

Show the necessary adjustments.

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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Concept explainers

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.

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Give me answer within 45 min please ......I will give you upvote immediately.....its very urgent....

(Adjustment of Capitals) Devin, Marco and
Ethan were
partners sharing profit and losses in the
ratio of 3: 2: 1. On
Marco retirement their capital showed the
following balances:
Devin = $ 1,00,000
Marco = $ 50,000
Ethan = $ 50,000
Devin and Ethan decided to share future
profits and losses
equally.
Marco was to be paid and it was decided
that Devin
and Ethan would bring in sufficient cash so
as to pay Marco
and make their capitals proportionate to
their new profit
sharing ratio.
Show the necessary adjustments.

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