Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question one (13 points) baha', ahmad, and sabri

Question One (13 Points) Baha', Ahmad, and Sabri are partners in BAS Partnership...

70.2K

Verified Solution

Question

Accounting

Question One (13 Points)
Baha', Ahmad, and Sabri are partners in BAS Partnership with capital balances of $60,000, $150,000, and $90,000, respectively. Profits and losses are shared in a 20:50:30 ratio. Baha' decided to withdraw from the partnership, and the partnership revalued its assets. The value of merchandise inventory was decreased by $30,000 and the value of land was increased by $60,000. In addition, partnership goodwill amounted to $90,000. The partnership agreed to pay Baha' $84,000 for his withdrawal from the partnership, which includes his share of goodwill.
Required ?()
a) Prepare the revaluation entry of merchandise inventory and land prior to Baha"s i withdrawal from partnership.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Explain the different social interactions you have had or seen in Virtual Worlds. How have your...

Psychology
Q

A proton is traveling horizontally to the right at 5.00×106 m/s . Find (a)the magnitude and (b)...

Physics
Q

Jean Senebier was a Swiss scientist who wanted to show where the O? produced by...

Biology
Q

Accidental is to planned as developed is tohomelyimmatureblossom

Biology
Q

We can now use the substitution u sin 8 so du 8 sec ec 4...

Calculus
Q

2x 3 c 2x 2 2

Calculus
Q

Henry Acrobats lent $44,628 to Donaldson, Inc., accepting Donaldsons 2-years, $54,000, zero-interest-bearing note. The implied...

Accounting
Q

Al informar las actividades operativas en un estado de flujos de efectivo, la depreciacin es:...

Accounting
Q

Net present value method The following data are accumulated by Geddes Company in evaluating the...

Accounting
Q

Joe is the sole owner of Triple J, LLC. He is scheduled to buy a...

Accounting
Q

On December 31, 2024, Skysong Corporation signed a 5-year, non-cancelable lease for a machine. The...

Accounting
Q

Cul de las siguientes es una medida de liquidez? A. Razn de pasivos a...

Accounting