In case Operating Cycle cannot be determined, what is the time period of operating cycle assumed? Post category:Accountancy Reading time:1 mins read SOLUTION If Operating Cycle cannot be determined, it is assumed to be a period of 12 months. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhat is ‘Operating Cycle’? Next PostIf Operating Cycle is 12 months and payment is received in 15 months, how will you classify the asset? You Might Also Like A and B are in partnership sharing profits and losses in the ratio of 5 : 3. C is admitted as a partner who pays Rs. 40,000 as capital and the necessary amount of goodwill which is valued at Rs. 60,000 for the firm. His share of profits will be 1/5th which he takes 1/10th from A and 1/10th from B. Give Journal entries and also calculate future profit-sharing ratio of the partners. August 1, 2022 Can a retiring partner or Legal Representatives of a Deceased Partner claim a share in the subsequent profits of the firm. September 27, 2022 Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 3: 2. A new partner Kailash is admitted. Vimal gives 1/5th of his share and Nirmal gives 2/5th of his share in favour of Kailash. For the purpose of Kailash’s admission, goodwill of the firm is valued at 75,000 and Kailash brings his share of goodwill in cash which is retained in the business. Journalise the above transactions. November 3, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A and B are in partnership sharing profits and losses in the ratio of 5 : 3. C is admitted as a partner who pays Rs. 40,000 as capital and the necessary amount of goodwill which is valued at Rs. 60,000 for the firm. His share of profits will be 1/5th which he takes 1/10th from A and 1/10th from B. Give Journal entries and also calculate future profit-sharing ratio of the partners. August 1, 2022
Can a retiring partner or Legal Representatives of a Deceased Partner claim a share in the subsequent profits of the firm. September 27, 2022
Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 3: 2. A new partner Kailash is admitted. Vimal gives 1/5th of his share and Nirmal gives 2/5th of his share in favour of Kailash. For the purpose of Kailash’s admission, goodwill of the firm is valued at 75,000 and Kailash brings his share of goodwill in cash which is retained in the business. Journalise the above transactions. November 3, 2022