FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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QUESTION 2 Which one of the following alternatives represen ts the correctbalance in the capital account of Mrebe after the valuation of assets and prior to the admission of Mqi thwa? A. 147 900 B. 125 400 C. 123 200 D. 112 950
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Transcribed Image Text:QUESTION 2 Which one of the following alternatives represen ts the correctbalance in the capital account of Mrebe after the valuation of assets and prior to the admission of Mqi thwa? A. 147 900 B. 125 400 C. 123 200 D. 112 950
Mrebe and Johannes are in a partnership trading as KwaQongo Farmers. The par tners 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). R 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 58000 2. Farming equipment worth.. 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 QUESTION 1 Which one of the following alternatives represents the new profit-sharing ratio after the admission of Mqi thwa in to the new partnership? A. 3:1:4 B. 2:2:1 C. 7:9:4 D. 7:9:2
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Transcribed Image Text:Mrebe and Johannes are in a partnership trading as KwaQongo Farmers. The par tners 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). R 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 58000 2. Farming equipment worth.. 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 QUESTION 1 Which one of the following alternatives represents the new profit-sharing ratio after the admission of Mqi thwa in to the new partnership? A. 3:1:4 B. 2:2:1 C. 7:9:4 D. 7:9:2
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