Partnership-Death 56

Pankaj, Rajat and Samay were partners in a firm sharing profits and losses in the ratio of 7 : 2 : 1. Their Balance Sheet as at 31st March, 2023 was as follows:          Balance Sheet of Pankaj, Rajat and Samay as at 31st March, 2023 Liabilities Amount(₹) Assets Amount(₹) Capitals : … Read more

Partnership-Death 55

Gita, Hina and Isha were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 2. Gita died. Hina and Isha decided to share profits and losses in the future, equally. On the day of Gita’s death, goodwill of the firm was valued at ₹8,00,000. Calculate gaining ratio and … Read more

Partnership-Death 54

Madhav, Raghav and Purav were partners in a firm sharing profits and losses in the ratio of 3:11. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Madhav, Raghav and Purav as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) CreditorsGeneral Reserve Capitals: Madhav Raghav Purav 60,0001,00,00040,000 1,00,00050,000 … Read more

Partnership-Death 53

Ram, Ravi and Rohan were partners sharing profits in the ratio of 2:3:1. On 31st March, 2023, their Balance Sheet was as follows: Balance Sheet of Ram, Ravi and Rohan as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.)

Partnership-Death 52

Aaria, Beenu and Clara were partners in a firm sharing profits and losses in the ratio of 4:3:3. On 30th June, 2023, Clara died. Clara’s share in the profits of the firm till the date of death was to be calculated on the basis of sales. Sales during the year 2022-23 were Rs. 20,00,000 and … Read more

Partnership-Death 51

Aditi, Renu and Varsha were partners in a firm sharing profits and losses in the ratio of 3:2:5. On  31st March, 2023 their Balance Sheet was as under: Balance Sheet of Aditi, Renu and Varsha as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals: Aditi Renu VarshaGeneral ReserveCreditors 5,00,0004,00,0003,00,000 12,00,0001,00,0002,00,000 BuildingMachineryStockPatents DebtorsCash … Read more

Partnership-Death 50

Azhar, Sumit and Robit were partners in a firm sharing profits and losses in the ratio of 3:1:1. Their Balance Sheet as at 31st March, 2023, was as follows: Balance Sheet of Azhar, Sumit and Robit as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors General ReserveCapitals: Azhar Sumit Robit 60,00040,00020,000 90,00060,000 … Read more

Partnership-Death 37

Nisha, Priya and Rajat were partners in a firm sharing profits in the ratio of 2 :2:1. The firm closes its books on 31st March every year. Priya died on 1st July 2022. On Priya’s death, the goodwill of the firm was valued at ₹3,00,000 and her share in the profits of the firm till … Read more

Partnership-Death 38

B, C and D were partners in a firm sharing profits and losses in the ratio of 3: 5 :2. On 31.03.2022 their Balance Sheet was as follows: Balance Sheet of B, C and D as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Creditors 1,10,000 Building 2,00,000 Reserve Fund 60,000 Machinery 3,00,000 … Read more

Partnership-Death 49

A, B and C were partners sharing P&L in the ratio 5:3:2. A died on 30th June, 2019. Entry for treatment of goodwill after his death was passed as follows: Particulars Debit ₹ Credit ₹ (A) B’s Capital A/c……………………….Dr C’s Capital A/c……………………….Dr To A’s Capital A/c (Entry for goodwill treatment passed at the time of … Read more

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