Admission 42

A and B were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3 : 2 : 2. A surrendered ¼ of his share in favour of C. Calculate B’s Sacrifice. … Read more

Admission 40

Atul and Neera were partners in a firm sharing profits in the ratio of 3 : 2. They admitted Mitali as a new partner. Goodwill of the firm was valued at Rs.  2,00,000. Mitali brings her share of goodwill premium of Rs.  20,000 in cash, which is entirely credited to Atul’s Capital Account. Calculate the … Read more

Admission 39

Gupta and Sharma were partners in a firm. They wanted to admit two more members in the firm. List the categories of individuals other than minors who cannot be admitted by them. Marks-1, CBSE:2016-17/Main-DL/Q-6 Answer : Back

Admission 70

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

Admission 74

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

Admission 73

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

Admission 72

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

Admission 71

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

Admission 69

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

Admission 68

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

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