Show three partners capital balances

Assignment Help Financial Accounting
Reference no: EM132604097

A and B have been trading as partners and sharing profits and losses equally through the period .They decide to change profit sharing ratio to 3:2.

The capital balances are

A- sh. 1000000

B- sh. 1500000

Goodwill has been agreed at sh. 500,000

Required:

Question 1: Show three partners capital balances assuming that

a) Goodwill is to be retained in the account

b) Goodwill is to be written off fr.the ac

Reference no: EM132604097

Questions Cloud

Pending malpractice litigation : A patient's chart has been subpoenaed for pending malpractice litigation. In preparing the chart, you discover an error that was made
How the knowledge and skills obtained by course objectives : Provide a reflection of at least 600 words (or 2-4 pages double spaced) of how the knowledge, skills, or theories of this course (Enterprise Risk Management).
Red patches of color to attract mates : Male Trinidadian guppies use bright red patches of color to attract mates.
Higher concentration of antibodies in a person : Does having a higher concentration of antibodies in a person necessarily guarantee them immunity? (whether it be naturally acquired or vaccine-induced)
Show three partners capital balances : Show three partners capital balances assuming that Goodwill is to be retained in the account and Goodwill is to be written off fr.the ac
What is one characteristic of high reliability organizations : What was one cause in the delay in the completing of the Denver Airport. What is one characteristic of high reliability organizations?
Calculate operating-cash-flow-to-current-liabilities ratio : Cash flow from operating activities $2,100,000. Calculate the operating-cash-flow-to-current-liabilities ratio for Smith & Sons
Describe what your culture looked like when you set it up : Describe what your culture looked like when you set it up? Include a photo. (If you do not embed the photo here
Cultural backgrounds differ in views of computer ethics : How do people from varying cultural backgrounds differ in their views of computer ethics?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Which of the result in an increase in the investment account

Which of the results in an increase in the investment account using the equity method?Unrealized gain on intercompany inventory transfers for the current year

  Discuss issues that company must consider in making decision

Discuss the issues that the company must consider in making this decision. Using the current level of sales, compute the margin of safety ratio under each approach and interpret your findings.

  Determine which are correct interpretations

Determine Which of the following are correct interpretations? Suppose we are looking at a cash flow statement constructed using the INDIRECT

  What administrative release deals with proposed transaction

What administrative release deals with a proposed transaction rather than a completed transaction?

  How much natalia can withdraw from the business at end

Calculate how much Natalia can withdraw from the business at the end of the year if she wants to maintain her Physical Capital

  Prepare in general journal form the workpaper entries

Prepare in general journal form the workpaper entries that would be made int he preparation of a consolidated statements workpaper.

  Question the subsequent are misstatements that have

question the subsequent are misstatements that have occurred in fresh foods grocery store a retail and wholesale

  What are tax results to dalissa on redemption of her

Hummingbird distributes securities held as an investment (adjusted of 90,000, fair market valye of 110,000) to Erika in redemption of 200 of her shares. What are tax results to Dalissa on the redemption of her Hummingbird stock?

  Determine due dates on notes and bonds for classification

Review debt activity for a few days before and after year-end to determine whether transactions are included in the proper period. Determine due dates on notes and bonds for proper classification between current and long term debt.

  Interest expense for the first semiannual interest period

A company issued 5-year, 6% bonds with a par value of $97,000. The company received $94,947 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is

  Explain the deficiencies in the statement prepared

Identify and explain the deficiencies in the statement prepared by the company's accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note.

  How many dollars of marketable securities

Does the company have any marketable securities at the end of the year and how many dollars of marketable securities?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd