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 … 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
Raka, Seema and Mahesh were partners sharing profits and losses in the ratio of 5:3:2. With effect from 1st April, 2019, they mutually agreed to share profits and losses in the ratio of 2:2:1. On that date, there was a workmen’s compensation fund of Rs. 90,000 in the books of the firm. It was agreed … Read more
Samiksha, Ash and Divya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April, 2019, they agreed to share future profits and losses in the ratio of 2 : 5 : 3. Their Balance Sheet showed a debit balance of Rs. 50,000 … Read more
Past Year Papers Chapter wise Solutions Partnership-Change in PSR Tvisha and Divya were partners in a firm carrying on a tiffin service in Hyderabad. Divya noticed that a lot of food is left at the end of the day. To avoid wastage, she suggested that the same may be distributed among the needy. Tvisha wanted … Read more