Q: Bush, Home and Wilson share profits and losses in the ratios
Bush, Home and Wilson share profits and losses in the ratios 4:1:3 respectively. Their trial balance as at 30 April 2020 was as follows: Draw up a set of financial statements for the year ending 30 A...
See AnswerQ: George, Henry and Lee are partners. They share profits and
George, Henry and Lee are partners. They share profits and losses in the ratios of 5:3:2 respectively. For the year ending 31 December 2024 their capital accounts remained fixed at the following amoun...
See AnswerQ: Abel, Burt, Cole and Dodds are in partnership. They
Abel, Burt, Cole and Dodds are in partnership. They are to change their profit ratios as shown: They decide to bring in a goodwill amount of £72,000 on the change. The last balance sheet...
See AnswerQ: Complete the columns to show the effects of the following transactions:
Complete the columns to show the effects of the following transactions:
See AnswerQ: Blunt, Dodds and Fuller are in partnership. They shared profits
Blunt, Dodds and Fuller are in partnership. They shared profits in the ratio 1:3:2. It is decided to admit Baxter. It is agreed that goodwill is worth £60,000, but that this is not to be...
See AnswerQ: Fitch and Wall have been in partnership for many years sharing profits
Fitch and Wall have been in partnership for many years sharing profits and losses in the ratio 5:3 respectively. The following was their balance sheet as at 31 December 2023: On 1 January 2024, they...
See AnswerQ: The balance sheet of A. Barnes and C. Darwin at
The balance sheet of A. Barnes and C. Darwin at 31 March 2022 is as follows: The partners share profits and losses: Barnes three-fifths and Darwin two-fifths. At the date of the above balance sheet,...
See AnswerQ: A, B and C are partners sharing profits and losses in
A, B and C are partners sharing profits and losses in the ratio 2 : 2 : 1. The balance sheet of the partnership as at 30 September 2020 was as follows: The partners agreed to dispose of the business...
See AnswerQ: Proudie, Slope and Thorne were in partnership sharing profits and losses
Proudie, Slope and Thorne were in partnership sharing profits and losses in the ratio 3 : 1 : 1. The draft balance sheet of the partnership as at 31 May 2019 is shown below: Additional information: 1...
See AnswerQ: The following trial balance has been extracted from the books of Gain
The following trial balance has been extracted from the books of Gain and Main as at 31 March 2022; Gain and Main are in partnership sharing profits and losses in the ratio 3 to 2: In appropriating t...
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