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.P.Q and R share profits in the ratio of 5:32. They decide to sharether future profitas 4:3: 3 with effectfrom April 1, 2016. on that date tuefollowing revaluations have taken place.Book ValueRevised ValuePlant & MachineryLand & Buildings5000080,00044 0001,20.0001,4.0, 001120040.0001,00050,0001,00, GOO120,0012,000InvestmentsSundery DebtarsTrode Creditorsoutstanding ExpensesPartners agreed that revised values of assetsand liabilities to be recorded in thebooks, GineJournal entries inthe books of the form onaccount ofChange in profit sharing ratioULEnecessary |
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