Please assist with the following questions QUESTION 2Which one of the following alternatives represen ts the correctbalance in thecapital account of Mrebe after the valuation of assets and prior to the admission ofMqi thwa?A. 147 900B. 125 400C. 123 200D. 112 950 Mrebe and Johannes are in a partnership trading as KwaQongo Farmers. Thepar tners are sharing profits and losses equally. On 30 July 20.1 the followinginformation was extracted from the accounting records of the partnership:EXTRACT OF GIVEN INFORMATION FOR KWAQONGO FARMERSCapital - Mrebe...Capital - Johannes...Current account - Mrebe (Cr)..Current account- Johannes (Dr).R124 5001103004540028400Mrebe and Johannes decided to admit Mqithwa from 1 August 20.1.Mqithwa will contribute the following to acquire a fifth of the net asset shareof the partnership1. Cash..21300580002. Farming equipment worth..Mrebe and Johannes agreed to relinquish 20% of their share in profits orlosses to Mqithwa in the ratio of 3:1 respectivelyAll other assets were revalued before admitting Mqithwa to the partnership.A valuation loss was correctly calculated at...44000QUESTION 1Which one of the following alternatives represents the new profit-sharing ratioafter the admission of Mqi thwa in to the new partnership?A. 3:1:4B. 2:2:1C. 7:9:4D. 7:9:2

Answer 1 The profit sharing ratio of new partner is 1/5…

Answered: hich one of t pital accoun qi thwa? O…

Business

Accounting

hich one of t pital accoun qi thwa? O A. 147

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 57P

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Question

Please assist with the following questions

Mrebe and Johannes are in a partnership trading as KwaQongo Farmers. The
par tners are sharing profits and losses equally. On 30 July 20.1 the following
information was extracted from the accounting records of the partnership:
EXTRACT OF GIVEN INFORMATION FOR KWAQONGO FARMERS
Capital - Mrebe...
Capital - Johannes...
Current account - Mrebe (Cr)..
Current account- Johannes (Dr).
R
124 500
110300
45400
28400
Mrebe and Johannes decided to admit Mqithwa from 1 August 20.1.
Mqithwa will contribute the following to acquire a fifth of the net asset share
of the partnership
1. Cash..
21300
58000
2. Farming equipment worth..
Mrebe and Johannes agreed to relinquish 20% of their share in profits or
losses to Mqithwa in the ratio of 3:1 respectively
All other assets were revalued before admitting Mqithwa to the partnership.
A valuation loss was correctly calculated at...
44000
QUESTION 1
Which one of the following alternatives represents the new profit-sharing ratio
after the admission of Mqi thwa in to the new partnership?
A. 3:1:4
B. 2:2:1
C. 7:9:4
D. 7:9:2

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