Mita, Geeta and Mohit were partners in a firm sharing profits and losses in the ratio of 5:3:2. With effect from 1″ April, 2022, they mutually agreed to share profits and losses in the ratio of 2:2:1. It was agreed that: (i) Goodwill of the firm was valued at ₹1,40,000 (ii) Profit on revaluation of … Read more
Anu, Manu, Tanu and Kanu were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2 : 1. They decided to share profits and losses in the ratio of 4 : 2 : 3 : 1 with effect from 1st April, 2022. On this date, goodwill of the … Read more
Doremon, Shinchan and Nobita are partners sharing profits and losses in the ratio of 3:2:1. With effect from 1st April, 2022 they agree to share profits equally. For this purpose, goodwill is to be valued at two year’s purchase of the average profit of last four years which were as follows: Year ending on 31st … Read more
Past Year Papers Chapter wise Solutions Partnership-Goodwill The goodwill of a firm was to be valued at two years’ purchase of the average profits of the last three years. The profits were as under : 2014 – 15 : Rs. 20,000 (including an abnormal gain of Rs. 5,000) 2015 – 16 : Rs. 40,000 (after … Read more
P, Q and R were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 2018 their Balance Sheet was as follows: Balance Sheet of P, Q and R as at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors 50,000 Cash in hand … Read more
S, T, U and V were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 1st April, 2016, their Balance Sheet was as follows: Balance Sheet of S, T, U and V as on 1-4-2016 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals : Fixed Assets 4,40,000 S … Read more
Parth, Raman and Zaisha are partners in a firm manufacturing furniture. They have been sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2017 they decided to share future profits and losses in the ratio of 2 : 5 : 3. Their Balance Sheet showed a debit balance … Read more
Bhavya and Naman were partners in a firm carrying on a tiffin service in Hyderabad. Bhavya noticed that a lot of food is left at the end of the day. To avoid wastage she suggested that it be distributed to the needy; Naman wanted that it should be mixed with the food being served the … Read more
Hari, Kunal and Uma are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2018 they decided to share future profits and losses in the ratio of 2 : 5 : 3. Their Balance Sheet showed a balance of Rs. 75,000 in the Profit … Read more
Radhika, Bani and Chitra were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 1. With effect from 1st April, 2018 they decided to share future profits and losses in the ratio of 3 : 2 : 1. On that date their Balance Sheet showed a debit balance … Read more