Plz solve !! X wants to retire from the firm. The profit onrevaluation of assets on the date ofretirement is OMR 10,000. X is of the viewthat it be distributed among all the partnersin their profit-sharing ratio whereas Y and Zare of the view that this profit be dividedbetween Y and Z in new profit-sharing ratio.Who is correct in this case?Both X and Y are correctNone of them are correctX is correct.Y is correct

In case of partnership the profits are shared among the partners in their respective profit sharing…

X wants to retire from the firm. The profit on revaluation of assets on the date of retirement is OMR 10,000. X is of the view that it be distributed among all the partners in their profit-sharing ratio whereas Y and Z

X wants to retire from the firm. The profit on revaluation of assets on the date of retirement is OMR 10,000. X is of the view that it be distributed among all the partners in their profit-sharing ratio whereas Y and Z

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

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

Plz solve !!

X wants to retire from the firm. The profit on
revaluation of assets on the date of
retirement is OMR 10,000. X is of the view
that it be distributed among all the partners
in their profit-sharing ratio whereas Y and Z
are of the view that this profit be divided
between Y and Z in new profit-sharing ratio.
Who is correct in this case?
Both X and Y are correct
None of them are correct
X is correct.
Y is correct

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