Sandeep, Maheep and Amandeep were partners in a firm sharing profits in the ratio of 2: 2: 1. The firm closes its books on 31st March every year. On 30th June, 2020 Maheep died. The partnership deed provided that on the death of a partner his executors will be entitled to the following: a) Balance … Read more
Sonali, Sohan and Shivain were partners in a pen manufacturing firm. They were sharing profits and losses in the ratio of 2 : 2: 1. On 31st March, 2022 their Balance Sheet was as follows: Balance Sheet of Sonali, Sohan and Shivain as on 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Capitals: Land … Read more
Prakash, Aakash and Vikas were partners in a business sharing profits in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2022 was as follows: Balance Sheet of Prakash, Aakash and Vikas as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Creditors 2,00,000 Bank 40,000 General Reserve … Read more
Trisha, Anisha and Rishika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2022 was as follows: Balance Sheet of Trisha, Anisha and Rishika as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Capitals: Plant and Machinery … Read more
Kanak, Kamal and Kanha are partners in a firm. Their fixed capitals were ₹5,00,000, ₹10,00,000 and ₹15,00,000 respectively. They share profits in the ratio of their fixed capitals. Firm closes its books of accounts on 31st March every year. Kanak died on 30th September, 2021, Kanak’s share of profit till the date of death from … Read more
The Balance Sheet of A, B and C who were sharing profits in the ratio of 3 : 3 : 4 as at 31st March, 2019 was as follows : Balance Sheet of A, B and C as at 31st March, 2019 Liabilities Amount ₹ Assets Amount ₹ General Reserve 40,000 Cash 4,000 Bills Payable … Read more
Giriija, Yatin and Zubin were partners sharing profits in the ratio 5 : 3 : 2. Zubin died on 1st August, 2015. Amount due to Zubin’s executor after all adjustments was Rs. 90,300. The executor was paid Rs. 10,300 in cash immediately and the balance in two equal annual instalments with interest @ 6% p.a. … Read more
Aditi, Kartik and Tina were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2019, their Balance Sheet was as follows : Balance Sheet of Aditi, Kartik and Tina as at 31st March, 2019 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors 96,000 Furniture 4,30,000 … Read more
Furkan, Tanmay and Barkat were partners in a firm sharing profits in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. Tanmay died on 31st July, 2019. His executor was entitled to: (i) His capital Rs. 8,00,000 and his share of goodwill which was valued for … Read more
Sandeep, Mandeep and Amandeep were partners in a firm sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. On 30th September, 2016 Mandeep died. The partnership deed provided that on the death of a partner his executors will be entitled to the following: … Read more