Asha and Aditi are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit Raghav as a partner for 1/4th share in the profits of the firm. Raghav brings Rs. 6,00,000 as his capital and his share of goodwill in cash. Goodwill of the firm is to be … Read more
P and Q were partners in a firm sharing profits in 3:2 ratio. R was admitted as a new partner for 1/4th share in the profits on April 1, 2015. The Balance Sheet of the firm on March 31,2015 was as follows: Balance Sheet of P and Q as at March 31, 2015 Liabilities Amount … Read more
Qadir and Rishab are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2016 is given below : Liabilities Amount (Rs.) Assets Amount (Rs.) Qadir’s Capital 11,40,000 Land & Building 5,60,000 Rishab’s Capital 7,00,000 Plant & Machinery 6,00,000 Workmen’s Compensation Reserve 60,000 Stock 1,60,000 Creditors 1,00,000 Debtors … Read more
Divya, Yasmin and Fatima are partners in a firm, sharing profits and losses in 11:7:2 respectively. The balance sheet of the firm as on 31st March 2018 was as follows: Balance Sheet As at 31.3.2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry Creditors 70,000 Factory Building 7,35,000 Public Deposits 1,19,000 Plant and Machinery 1,80,000 Reserve … Read more
Gautam and Yashica are partners in a firm, sharing profits and losses in 3:1 respectively. The balance sheet of the firm as on 31st March 2018 was as follows: Balance Sheet As at 31.3.2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry creditors 50,000 Furniture 60,000 Bills payable 30,000 Stock 1,40,000 Capitals Debtors 80,000 … Read more
Ramesh, Mahesh and Suresh were partners in a firm sharing profits in the ratio of 3 : 3 : 2. Their respective fixed capitals were : Ramesh Rs. 5,00,000; Mahesh Rs. 4,00,000 and Suresh Rs. 3,00,000. They admitted Govind as a new partner for 1/5 th share in the profits. Govind brought Rs. 4,00,000 as … Read more
Karan and Varun were partners in a firm sharing profits and losses in the ratio of 1 : 2. Their fixed capitals were Rs. 2,00,000 and Rs. 3,00,000 respectively. On 1st April, 2016 Kishore was admitted as a new partner for 1/4th share in the profits. Kishore brought Rs. 2,00,000 for his capital which was … Read more
A and B are partners in a firm sharing profits and losses in the ratio of 2:1. On 1st April, 2017 they decided to admit C into partnership for 1/5th share in the profits. For this purpose, goodwill was valued at 80% of the average annual profits of the previous four years. The profits of … 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