Prepare the Statement of Financial Position of the new firm.

  1. Billy and Erica are partners sharing profits and losses in the ratio of 3:2 respectively. Their Statement of financial position as at March 31, 2016 was as follows:

Billy and Erica

Statement of Financial Position as at 31 March 2016

 

$ $
Non-current assets
Buildings 65 000
Furniture 15 000
Machinery 13 000
93 000
Inventory 30 000
Accounts receivable 19 000
Cash at bank 23 000
Cash in hand 3 000
75 000
Less; Current liabilities
Accounts payable 28 000
47 000
140 000
Financed by:
Capitals:
Billy 70 000
Erica 70 000
140 000

On that date, they admit Devon into the partnership for 1/3 share of the profits on the following terms:

  1. Furniture and inventory are to decrease by 10%.
  2. Building is appreciated by $20 000.
  3. 5% provision is to be created for doubtful debts.
  4. Devon is to bring in $50 000 as his capital and $30 000 as goodwill.

Prepare:

  1. the revaluation account (7 marks)
  1. the partners’ capital account (10 marks)
  1. the Statement of Financial Position of the new firm. (8 marks)
find the cost of your paper

determine values for K7 and K8.

Polyolefins such as polyethylene undergo slow degradation when placed in air. Degradation occurs by reactions with atmospheric oxygen that lead to the formation of carbonyl groups (groups containing oxygen), gradual….

State the differences in operation and application for junction transistors and MOSFETs.

1. State the differences in operation and application for junction transistors and MOSFETs. 2. We note in Section 12.5 (Figure 12.20) that in FeO (wüstite), the iron ions can exist in both….

Determine values of DT for aluminum, steel, aluminum oxide, soda–lime glass, polystyrene, and nylon 6,6 using the data in Table 19.1.

Nonsteady-state heat flow may be described by the following partial differential equation:     where DT is the thermal diffusivity; this expression is the thermal equivalent of Fick’s second law of diffusion….