Sunny and Ujjwal were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1 st April, 2024 Timmy was admitted as a new partner for 1/5 th share in profits which he acquired equally from Sunny and Ujjwal. On the date of Timmy’s admission the Balance Sheet of … Read more
Aryan and Adya were partners in a firm sharing profits and losses in the ratio of 3:1. Their Balance Sheet on 31st March, 2024 was as follows: Balance sheet of Aryan and Adya as at 31st March, 2024 Liabilities Amount(₹) Assets Amount(₹) Capitals: Machinery 3,90,000 Aryan 3,20,000 Furniture 80,000 Adya 2 40 000 5,60,000 Debtors … Read more
Amit and Kartik are partners sharing profits and losses equally. They decided to admit Saurabh for an equal share in the profits. For this purpose, the goodwill of the firm was to be valued at four years’ purchase of super profits. The Balance Sheet of the firm on Saurabh’s admission was as follows: Liabilities Amount(₹) … Read more
Anshu and Vihu were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Anshu and Vihu as at 31st March, 2023 Liabilities Amount (₹) Assets Amount (₹) Creditors General ReserveInvestment Fluctuation FundCapitals :Anshu 1,44,000Vihu 80,000 … Read more
Divya and Ekta were partners in a firm sharing profits in the ratio of 3: 1. On 31 March, 2023 they admitted Sona as a new partner for 14 th share in the profits of the firm. Their Balance Sheet on that date was as follows: Balance Sheet of Divya and Ekta as at 31st … Read more
Anikesh and Bhavesh are partners in a firm sharing profits in the ratio of 7:3. Their Balance Sheet as on 31st March, 2023 was as follows: Balance Sheet of Anikesh and Bhavesh as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors Outstanding wages General Reserve Capitals: Anikesh Bhavesh 1,20,0001,80,000 60,0009,00015,000 3,00,000 Cash … Read more
Sarah and Varsha were partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Sarah and Varsha as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals: Sarah VarshaWorkmen’s Compensation FundProvident FundCreditors 60,00050,000 1,10,000 20,0001,20,00050,000 Plant … Read more
Sanju and Manju were partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet on 31st March, 2023 was as follows: Balance Sheet of Sanju and Manju as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals: Sanju ManjuGeneral ReserveCreditors 1,40,0001,20,000 2,60,00040,0001,80,000 Plant and MachineryFurnitureInvestmentsDebtorsLess: provision for … Read more
Shubhi and Revanshi were partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Shubhi and Revanshi as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals: Shubhi RevanshiGeneral ReserveBank LoanCreditors 60,00032,000 92,00030,00018,00070,000 Fixed AssetsStockDebtorsCash 90,00038,00030,00052,000 … Read more
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