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

Admission 43

Badal and Bijli were partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2019 was as follows: Balance Sheet of Badal and Bijli as at 31st March, 2019 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals :   Building 1,50,000     Badal                      1,50,000   … Read more

Admission 41

T and N were partners in a firm. On 31st March, 2018 they decided to admit M as a new partner. On 31st March, 2018 the Balance Sheet of T and N stood as follows: Balance Sheet of T and N as at 31.3.2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors 18,000 Cash at Bank … Read more

Admission 33

A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. D was admitted into the firm with 1/4th share in profits, which he got 3/16th from A and 1/16th from B. The total capital of the firm as agreed upon was Rs.  1,20,000 and D … Read more

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