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Change in profit sharing ratioWhen there is a change in profit sharing ratio, it means that some of the partners will get higher profits based on the new ratios in the future while others will loose or will get lower profits.Those who will get higher profits therefore need to pay for the higher profits whereas those who will get lower profits thus need to be compensated for the reduction in their profit share.To achieve this objective, goodwill is normally introduced in the accounts by crediting the partners capital accounts according to their old profit sharing ratio (PSR) and written off again by debiting the partners capital accounts according to their new PSR.
how can make a balance sheet
Completed executions A judgement creditor cannot retain the "benefit" of an execution or attachment, unless he has completed it- Before the date of the receiving order,
how many types of assets and liabilities are there? list of those types required
INTRA COMPANY ADJUSTMENTS In preparing the consolidated balance sheet, the following items may require adjustments:. 1 Goodwill 2 Unrealized profit on closing inventory 3
A company purchased 16 million shares (representing an 80% controlling interest) in another company on 1 July 2010. The terms of the purchase were as follows: 1 share in
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Natalie cashes in her U.S savings Bonds and receives % 520, which she deposits in her personal bank account. Journalize it
Level of detail Financial accounting reports provide users with a comprehensive overview of performance and position of business for a period. Consequently, information is aggr
Q. What do you mean by suspense account? How are errors in accounting classified? Suspense account: A suspense account is an account, which is opened when the trail balance does
You decide to invest 1000 in a 5-year Treasury Inflation protected bond that each year offers a return of -1.5% plus the rate of inflation. You assume 1-year inflation rates over t
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