Solve 2 and 3 plz teup by Mr. Hashim and Mr. Shameel in the ratio of 3:2. Goodwill of the firm is valued on that date at OMR 30,000.t of27:181.Calculate the new profit-sharing ratio of Mr. Hashim and Mr. Shakeel.stion2.1f a goodwill of OMR 12,000 already appears in the books, at the time retirement of Mr. Aseem, the journal entry recordebe:Pass the journal entry in the books to write off existing amount of goodwill. Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of 4:3:2. Mr. Azeem retires, and his share is takenup by Mr. Hashim and Mr. Shameel in the ratio of 3:2. Goodwill of the firm is valued on that date at OMR 30,000.1.Calculate the new profit-sharing ratio of Mr. Hashim and Mr. Shakeel.27:18If a goodwill of OMR 12,000 already appears in the books, at the time retirement of Mr. Aseem, the journal entry recorded will

Goodwill- It is an intangible asset that places an enterprise at an advantageous position due to…

Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of 4:32. Mr. Azeem retires, and his share is taken up by Mr. Hashim and Mr. Shameel in the ratio of 32. Goodwill of the firm is valued on that date at OMR 30,000. 1.Calculate the new profit-sharing ratio of Mr. Hashim and Mr. Shakeel 27:18 fa goodwill of OMR 12,000 already appears in the books, at the time retirement of Mr. Aseem, the journal entry recorded will

Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of 4:32. Mr. Azeem retires, and his share is taken up by Mr. Hashim and Mr. Shameel in the ratio of 32. Goodwill of the firm is valued on that date at OMR 30,000. 1.Calculate the new profit-sharing ratio of Mr. Hashim and Mr. Shakeel 27:18 fa goodwill of OMR 12,000 already appears in the books, at the time retirement of Mr. Aseem, the journal entry recorded will

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1EB: The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits...

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Mr. Azeem, Mr. Hashim and Mr. Shakeel are partners sharing profits in the ratio of 4:3:2. Mr. Azeem retires, and his share is taken up by Mr. Hashim and Mr. Shameel in the ratio of 3:2. Goodwill of the firm is valued on that date at OMR 30,000. 1.Calculate the new profit-sharing ratio of Mr. Hashim and Mr. Shakeel.
Mr. J, Mr. K, Mr. E and Mr. S are partners in a firm sharing profits and losses in the ratio of 2: 1: 2: 1. On Mr. J's retirement, the goodwill of the firm is valued at OMR. 36,000. Mr. K, Mr. E and Mr. S decided to share future profits equally. Calculate the gaining ratio of Mr. K ,Mr. E and Mr. S. of
Mr. K, Mr. N and Mr. P are partners sharing profits and losses in the ratio of 4: 3: 2. Mr. N retires, and the goodwill is valued at Rs. 72,000. Mr. K and Mr. P decided to share future profits and losses in the ratio of 5: 3. Calculate the gaining ratio of Mr. K and Mr. P. 10:11 13:11 11:13 None of these
Show the solution in good accounting form John and Paul are partners who share profits and losses in the ratio of 3:2 respectively. John's salary is P180,000 and Paul's is P140,000. The partners are paid interest on their average capital balances where John received interest of P 30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If John received P280,000 from partnership income, what was the total partnership income? *
Mr. K, Mr. N and Mr. P are partners sharing profits and losses in the ratio of 4: 3: 2. Mr. N retires, and the goodwill is valued at Rs. 72,000. Mr. K and Mr. P decided to share future profits and losses in the ratio of 5: 3. Calculate the gaining ratio of Mr. K and Mr. P.
Ahmed, Arif, and Amin are partners in a firm, the net profit for the year was RO 56000. The partners agreed to share the profit in the ratio of 3 : 2 : 2 respectively. The share of profit for each partner will be: a. Ahmed: RO 34000, Arif: RO 26000, Amin: RO 26000 b. Ahmed: RO 16000, Arif: RO 8000, Amin: RO 24000 c. Ahmed: RO 24000, Arif: RO 16000, Amin: RO 16000 d. Ahmed: RO 12000, Arif: RO 8000, Amin: RO 8000
Abdullah, Mazin and Amir are partners sharing profits in the ratio of 9: 6: 3. Mazin retires and Goodwill of the firm is valued on that date OMR 30,000. Calculate the Goodwill share of Mazin? A. OMR 2,500 b. None of the options C.OMR 10.000 d. OMR 7,500
Asha, Deepa and Lata are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Deepa retires. After making all adjustments relating to revaluation, goodwill and accumulated profit etc., the capital accounts of Asha and Lata showed a credit balance of Rs. 1,60,000 and Rs. 80,000 respectively. It was decided to adjust the capitals of Asha and Lata in their new profit sharing ratio. You are requiredto calculate the new capitals of the partners and record necessary journal entries for bringing in or withdrawal of the necessary amounts involved.
Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1.Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires andat the time of Pammy’s retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2:1. Record the necessary journal entries.
Salim and Sultan are partners sharing profit and loss in the ratio of 5 and 3. Partner Shihab was admitted in to a firm, which he acquires 3/8th share from partner Salim and 2/8th share from Partner Sultan. So, the new profit sharing ratio will be: O a. 30 : 12: 21 O b. 25 : 18 : 21 O c. 25 : 12: 16 O d. 21:16: 25
Mr. Ali and Mr. Sahil are partners sharing profit in the ratio of 3: 2. They agree to admit Mr. Zaheer for 1/5 share in future profit. Mr. Zaheer brings OMR 2,50,000 as capital and enables to bring his share of goodwill in cash, the goodwill of the firm to be valued at OMR 1,80,000. At the time of admission, goodwill existed in the books of the firm at Rs.80,000. What is the journal entry if Mr. Zaheer brought his share of capital in the business?
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