Answer to Question #316502 in Finance for lydia

Question

Da Silva and Ehlers decided to admit Fischer as from 1 January 2018 as a partner under the following terms and conditions.

Fischer will receive 1/5 of profits and losses

Da Silva will contribute in the ratio 2:1 toward Fischer s 1/5 profit share

Fischer must pay N$180 0000 for her 1/5 share in the partnership s assets.

The assets of the partnership were re - valued on 1 January and the revaluation account revealed a surplus of N$60 000.

Required:

Calculate the new profit sharing ratio after the admission of Fischer.

Answer 1

It's been a while since this question is posted here. Still, the answer hasn't been got. Consider converting this question to a fully qualified assignment, and we will try to assist. Please click the link below to proceed: Submit order