When there is change in profit sharing ratio amongst existing partners, should the assets and liabilities be revalued? Post category:Accountancy Reading time:1 mins read SOLUTION Yes. Because the profit or loss on revaluation should by credited or debited to the accounts of the partners in their old profit-sharing ratio. 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 PostWhen there is change in the profit-sharing ratio amongst existing partners, does it require adjustment for goodwill? Next PostWhat is the nature of ‘Revaluation Account’? You Might Also Like Name any two items that can be disclosed under “Tangible Assets”. September 30, 2022 Dissolution expenses amounting to Rs. 15,000 were to be borne by partner Y and the balance by the firm. Dissolution expenses amounted to Rs. 25,000 and the entire amount was paid by Y. Pass journal entry. September 27, 2022 Calculate Trade payables Turnover Ratio from the following information: Opening Creditors Rs. 1,25,000; Opening Bills Payable Rs. 10,000; Closing Creditors Rs. 90,000; Closing bills Payable Rs. 5,000; Purchases Rs. 9,50,000; Cash Purchases Rs. 1,00,000; Purchases Return Rs. 45,000. August 16, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Dissolution expenses amounting to Rs. 15,000 were to be borne by partner Y and the balance by the firm. Dissolution expenses amounted to Rs. 25,000 and the entire amount was paid by Y. Pass journal entry. September 27, 2022
Calculate Trade payables Turnover Ratio from the following information: Opening Creditors Rs. 1,25,000; Opening Bills Payable Rs. 10,000; Closing Creditors Rs. 90,000; Closing bills Payable Rs. 5,000; Purchases Rs. 9,50,000; Cash Purchases Rs. 1,00,000; Purchases Return Rs. 45,000. August 16, 2022