Anubha and Yuvika were partners in a firm in the ratio of 3 : 2. From 1 st April 2024, they decided to share future profits and losses in the ratio of 2:3. On this date, their balance sheet showed a balance of ₹50,000 in General Reserve and a debit balance of ₹2,50,000 in Profit … Read more
Alok, Sameer and Tushar were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1 st April, 2024, they decided to share future profits and losses in the ratio of 3 : 2 : 4. Their Balance Sheet as at 31 st March, 2024 … Read more
The firm of Amish, Nitish and Misha, who have been sharing profits in the ratio of 2:2:1, have existed for some years. Misha wanted that she should get equal share in the profits with Amish and Nitish and she further wished that the change in the profit sharing ratio should come into effect retrospectively for … Read more
Mahesh, Ramesh and Naresh were partners in a firm sharing profits in the ratio of 5:32. From 1st April, 2023, they decided to share profits equally. On that date, there was a balance of Rs. 3,60,000 in General Reserve and a debit balance of Rs. 1,80,000 in the Profit and Loss Account. Pass single adjustment … Read more
Reeha, Meenu and Sara were partners in a partnership firm sharing profits and losses in the ratio of 2:2:1. With effect from 1st April, 2023, they agreed to share profits and losses equally. On that date, there was a General Reserve of Rs. 50,000 in the books of the firm. It was agreed that: (i) … Read more
Frank, George and Hemant were partners in a firm sharing profits in the ratio of 5:3:2. They decided to change their profit-sharing ratio to 2:5:3 with effect from 1st April, 2023. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Frank, George and Hemant as at 31st March, 2023 Liabilities … Read more
Anu, Manu, Sonu and Rohan were partners in a firm sharing profits and losses in the ratio of 1:2:1:2. With effect from 1st April, 2023, they decided to share profits and losses in the ratio of 2:4:1:3. Their Balance Sheet showed General Reserve of Rs. 90,000. The goodwill of the firm was valued at Rs. … Read more
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