Admission 59

W and R are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31st March, 2016 was as follows : Balance Sheet of W and R as on 31-3-2016 Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry Creditors 20,000 Cash 12,000 Provision for Bad Debts 2,000 Debtors … Read more

Admission 56

P & K were partners in a firm. On March 31, 2017 their Balance Sheet was as follows: Balance Sheet as at March 31, 2017 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals:   Bank 18,000     P     3,00,000   Stock 19,000     K    2,00,000 5,00,000 Debtors            … Read more

Admission 55

On 31st March 2017, the Balance Sheet of Abhir and Divya, who were sharing profits in the ratio of 3 : 1 was as follows : Balance Sheet of Abhir and Divya as on 31st March 2017 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors 2,20,000 Cash at Bank 1,40,000 Employees’ Provident Fund 1,00,000 Debtors    … Read more

Admission 53

A and B were partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2018, was as follows: Balance Sheet of A and B as at 31st March, 2018 Liabilities  Amount (Rs.)  Assets  Amount (Rs.)  Capital:   Cash                         8,000     A         1,04,000   Sundry … Read more

Admission 52

Raman and Rohit were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 31st March, 2018, their Balance Sheet was as follows : Balance Sheet of Raman and Rohit as at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Capital:   Plant and Machinery 1,75,000     … Read more

Admission 51

Leena and Rohit are partners in a firm sharing profits in the ratio of 3 : 2. On 31st March, 2018, their Balance Sheet was as follows : Balance Sheet of Leena and Rohit as at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry Creditors 80,000 Cash 42,000 Bills Payable 38,000 Debtors    … Read more

Admission 50

Sanjana and Alok were partners in a firm sharing profits and losses in the ratio 3:2. On 31st March, 2018 their Balance Sheet was as follows: Balance Sheet of Sanjana and Alok as on 31-3-2018 Liabilities Amount (Rs. ) Assets Amount (Rs. ) Creditors 60,000 Cash 1,66,000 Workmen’s Compensation Fund 60,000 Debtors        … Read more

Admission 49

On 31st March, 2019 the Balance Sheet of Madan and Mohan who share profits and losses in the ratio of 3 : 2 was as follows : Balance Sheet of Madan and Mohan as at 31st March, 2019 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors              28,000 Cash at Bank              10,000 General Reserve              … Read more

Admission 46

Raman and Aman were partners in a firm and were sharing profits in 3 : 1 ratio. On 31-3-2019 their balance sheet was as follows: Balance Sheet of Raman and Aman as on 31-3-2019 Liabilities Amount (Rs.) Assets Amount (Rs.) Provision for bad debts 7,000 Bank 24,000 Outstanding Expenses 18,000 Bills Receivable 80,000 Bills Payable … Read more

Admission 45

Ashish and Nimish were partners in a firm sharing profits and losses in the ratio of 3:2. On 31st March, 2019 their Balance Sheet was as follows: Balance Sheet of Ashish and Nimish as at 31st March, 2019 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals :   Plant and Machinery 2,90,000     Ashish    … Read more