Admission

A and B were partners in a firm sharing profits and losses in the ratio of 3: 1. On 31.03.2022, their Balance Sheet was as follows: Balance Sheet of A and B as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Outstanding Expenses 3,000 Bank 40,000 Bills Payable 20,000 Stock 60,000 Sundry Creditors … Read more

Madhav and Girdhuri were partners in a firm sharing profits and Losses in the ratio of 3:1. Their balance sheet as at 31 March, 2022 was as follows Balance sheet of Madhav and Girdhari as on 31 March, 2022 Liabilities Amount ₹ Assets Amount ₹ Capitals: Machinery 4,70,000 Madhav            3,00,000 Investment 1,10,000 Girdhari            … Read more

Yuv and Veer were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet as on 31st March, 2022 was as under: Balance Sheet of Yuv and Veer as at 31st March, 2022 Liabilities Amount₹ Assets Amount₹ Creditors 41,000 Plant and Machinery 60,000 General Reserve 80,000 Building … Read more

X and Y were partners in the profit-sharing ratio of 3: 2. Their balance sheet as at March 31, 2022 was as follows: Balance Sheet as at March 31, 2022 Liabilities Amount ₹ Assets Amount ₹ Creditors 56,000 Plant and Machinery 70,000 General Reserve 14,000 Buildings 98,000 Capitals: Stock 21,000 X            1,19,000 Debtors            … Read more

Rajinder and Vijay were partners in a firm sharing profits in the ratio 3:2. On 31st March 2023 their balance sheet was as follows: Liabilities Amount₹ Assets Amount₹ Capital Accounts: Fixed Assets (Tangible) 3,60,000 Rajinder                     3,00,000 Goodwill 50,000 Vijay                   &nbsp       1,50,000 4,50,000 Investments 40,000 Current Accounts: Stock 74,000 Rajinder                      50,000 Debtors                  1,00,000 Vijay                            10,000 60,000 Less: … Read more

Ashish and Vishesh were partners sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at 31st March, 2022 was as under: Balance Sheet of Ashish and Vishesh as at 31st March, 2022 Liabilities Amount₹ Assets Amount₹ Creditors 30,000 Cash at Bank 50,000 Outstanding Electricity Bill 20,000 Debtors 80,000 Capitals: Less: Provision … Read more

Atul and Geeta were partners sharing profits in the ratio 3 : 2. Ira was admitted into the firm for l/4th share of profits. Ira brought ₹40,000 as her capital. The capitals of Atul and Geeta after all adjustments relating to goodwill, revaluation of assets and liabilities etc, are ₹60,000 and ₹40,000 respectively. It is … Read more

Bhumi and Chavi were partners in a firm sharing profits and losses in the ratio of 5 : 3. They admitted Aditi in the firm on 1st April, 2022. On that date their Balance Sheet was as follows: Balance Sheet of Bhumi and Chavi as at 1st April, 2022 Liabilities Amount ₹ Assets Amount ₹ … Read more

Rohit and Mohit were partners in a firm sharing profits and losses in the ratio of 3 : 2. Rahul was admitted into partnership for 1/3rd share in profits. Goodwill of the firm was valued at ₹30,000. Rahul brought ₹40,000 as capital and ₹5,000 out of his share of goodwill premium in cash. At the … Read more

On 31st March, 2022 the Balance Sheet of partners A and B, who were sharing profits in the ratio of 3 : 2 was as follows: Balance Sheet of A and B as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Creditors 30,000 Cash at Bank 20,000 Investment Fluctuation Fund 12,000 Debtors 85,000 … Read more