Vijay, Ravi and Raman were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 1 st April, 2024, they admitted Kamal as a new partner for 1/10 th share in the profits. It was decided that new profit sharing ratio will be 4 : 2 : … Read more
Uma and Umesh were partners in a firm sharing profits and losses in the ratio of 2:3. On 31st March, 2024, their Balance Sheet was as follows: Balance Sheet of Uma and Umesh as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Land and Building 10,00,000 Uma 5,00,000 Furniture 1,00,000 Umesh 7,50,000 … Read more
Bharat and Ishu were partners in a firm sharing profits and losses in the ratio of 4:1. Rishab was admitted into partnership for 1/4th share in the profits of the firm. Goodwill of the firm was valued at ₹4,00,000. Rishab brought ₹2,00,000 as his capital and ₹60,000 out admission, goodwill was appearing in the books … Read more
Sana and Rajesh were partners in a firm sharing profits and losses in the ratio of 4:3. They admitted Sonu into partnership for 1/5th share in the profits of the firm. Goodwill of the firm was to be valued at three years purchase of super-profits. Average net profit of the firm was ₹80,000. Capital employed … Read more
Mita and Vihaan were partners in a firm sharing profits and losses in the ratio of 3: 2. On 31st March, 2024 their Balance Sheet was as follows: Balance Sheet of Mita and Vihaan as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Sundry Creditors 2,00,000 Cash 50,000 Capitals: Sundry Debtors 2,00,000 Mita … Read more
Kishore and Ranjan were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2024, their Balance Sheet was as follows : Balance Sheet of Kishore and Ranjan as at 1st April, 2024 Liabilities Amount (₹) Assets Amount (₹) Sundry Creditors 1,80,000 Cash in hand 30,000 General … Read more
Aman, Govind and Guru were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Sudarshan was admitted for 1/4th share in the profits of the firm. The new profit sharing ratio between Aman, Govind, Guru and Sudarshan was agreed at 9 : 5 : 4 : 6. … Read more
Atharv and Anmol were partners in a firm sharing profits and losses in the ratio of 5 : 2. Their Balance Sheet as at 31st March, 2024 was as follows : Balance Sheet of Atharv and Anmol as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Fixed Assets 14,00,000 Atharv 8,00,000 Stock … Read more
Vinay and Pankaj were partners in a firm sharing profits and losses in the ratio of 3 : 2. The following is the extract of their Balance Sheet as at 31 st March, 2024: Balance Sheet of Vinay and Pankaj as at 31 st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Investment Fluctuation Fund … Read more
Bittu and Chintu were partners in a firm sharing profit and losses in the ratio of 4 : 3. Their Balance Sheet as at 31st March, 2024 was as follows: Balance Sheet of Bittu and Chintu as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Fixed Assets 15,40,000 Bittu 8,00,000 Stock 3,50,000 … Read more