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Finger [1]
2 years ago
6

Yogesh and Naresh are partners sharing ratio 3:2. They admit ramesh for 1/3rd share on 1st april ,2020 and also decide to share

future profits equally. Balance sheet of the firm as at 31st march,2020 was as follows:Liabilities AssetsCapital A/cs: Land 4,00,000Yogesh 5,00,000 Building 4,00,000Naresh 5,00,000 10,00,000 Furniture 50,000Current A/cs: Computer 1,00,000Yogesh 1,10,000 Stock 1,50,000Naresh 90,000 2,00,000 Sundry Debtors 2,10,000Employees' Provident Fund 25,000 Less: Provision for Doubtful Debts 10,000 2,00,000Workmen Compensation Reserve 1,00,000 Cash 10,000Sundry Creditors 75,000 Bank 70,000Expenses Payable 10,000 Advertisement 14,10,000 Suspense 30,000 14,10,000They admitted Ramesh on the following terms:A) He will bring 5,00,000 as his capital.B) His share of goodwill is valued at 1,00,000 but he is unable to bring cash for his share of goodwillC) Value of Land and Building is to be appreciated by 40,000 each.D) Value of Furniture to be reduced to 40,000.E) Provision for Doubtful Debts to be increased to 10%.F) A liability for damages of 10,000 is to be created.
Business
1 answer:
stiv31 [10]2 years ago
7 0

Answer:

Gain on revaluation is 49,000.

Explanation:

Sacrificing Ratio:

Previous Ratio 3:2

New ratio 1:1:1

Sacrificing ratio is new ratio - previous ratio

Sacrificing ratio 4:1

Share of Goodwill

Yogesh share 100,000 * 4/5 = 80,000

Naresh share 100,000 * 1/5 = 20,000

The journal entries are:

Furniture (Dr.) 10,000

Doubtful debt provision (Dr.)  10,000

Liability for damage 10,000

Land (Cr.) 40,000

Building (Cr.) 40,000  

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3 years ago
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You have a standard practice of displaying all student work in your classroom. Recently, you assigned students to write any essa
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Answer:

The first amendment involves the freedom off free scheech and religion. Meaning that a person can not criticize or not display a person's religion based on your own beliefs or beliefs of others.

Explanation:

Reference possibilities could be

1. http:/guides.library.harvard .edu/

2. Your state website ie Maine.gov mass.gov

3. USA.gov is the federal law

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5. 6. Supremecourtus.gov and supremecourts

Gov/opinions for us Supreme Court and recent opinions

7. Law.cornell.edu/citation for legal citations for legal arguments if needed as well as taking the citation out of the address bar to use for finding the law online

8. Http.thelawdictionary.org for legal terms or the black law dictionary

Be cautious of commercial websites some that are good and can give information that is not completely accurate.

C1. Findlaw.com

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5 0
3 years ago
A natural monopolya. exists when many sellers experience lower average total costs than potentialcompetitors do.b. exists when a
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e. exists when a single seller experiences lower average total costs than any potential competitor.

Explanation:

A monopoly is a market structure which is typically characterized by a single-seller who sells a unique product in the market by dominance. This ultimately implies that, it is a market structure wherein the seller has no competitor because he is solely responsible for the sale of unique products without close substitutes. Any individual that deals with the sales of unique products in a monopolistic market is generally referred to as a monopolist.

For example, a public water supply company is an example of a monopoly because they serve as the only source of water provider to the general public in a society.

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2 years ago
A small clothing firm currently produces 50,000 shirts and blouses per month. The cost of its factory, raw materials, and labor
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The correct answer is C: $20

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Giving the following information:

Units=  50,000 shirts and blouses per month.

The cost of its factory, raw materials, and labor is $500,000.

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Additional labor and raw material expense of $100,000.

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3 years ago
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Total cost= $2467

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7 0
3 years ago
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