ACCT101 Legal Profession and Result from the Partnership - Accounting Assignment Help

Assignment Task

Question 1  Ndlovu Attorneys is a partnership between Nomthemba, Nandi, Njabulo and Ndumiso. The partners share profits in the ratio 1:2:4:5 respectively. The partnership has a 31 May 2021 year end. On 31 May 2021, Nandi approached the partners, as she had decided due to her ill health, to retire from the legal profession and as a result from the partnership 

The partnership decided that Goodwill should not be recorded as an asset in the accounts of the partnership and that no private cash settlement will take place between the partners either. Upon Nandi’s retirement from the partnership on 31 May 2021, the following information is deemed important 1. Land and buildings have a fair market value of R1 250 000 2. Plant and equipment are considered to be valued at R120 000 3. Nomthemba, Njabulo and Ndumiso will share profits/losses in the ratio of 2:2:1 4. The partnership is considered to be worth R750 000 5. Nandi will be paid out in cash upon leaving the partnership 6. Nonthemba will contribute R150 000 more cash to the partnership after Nandi retires

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