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
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
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
Meena, Beena and Neena were partners in a firm sharing profits & losses equally. Their balance sheet as on 31 March, 2022 was as follow: Balance Sheet of Meena, Beena and Veena as on 31st March, 2022 Liabilities Amount₹ Assets Amount₹ Capitals: Plant and Machinery 2,40,000 Meena 1,50,000 Stock 60,000 Beena 1,00,000 Sundry Debtors 35,000 … Read more
Sudhir, Deepak and Naveen were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2022 their Balance Sheet was as under: Balance Sheet of Sudhir, Deepak and Naveen as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Sundry Creditors 50,000 Land and … Read more
Nirmala, Divisha and Sara were partners in a firm sharing profits and losses in the 3:4:3. Books were closed on 31st March every year. Sara died on 1st February, 2022. As per the partnership deed Sara’s executors are entitled to her share of profit till the date of death on the basis of Sales turnover. … Read more
Q and R were partners in a firm sharing profits and losses in the ratio of 9 : 8 : 7. The firm closes its books on 31st March every year. Q died on 30th November, 2021. The partnership deed provided that a deceased partner’s share in the profits of the firm in the year … Read more
Puneet, Purav and Parth were partners in a firm sharing profits and losses in the ratio of 4:3:1. The firm closes its books on 31st March every year. As per the terms of partnership deed, on the death of any partner, the Goodwill of the firm will be calculated on the basis of 3 times … Read more
X, Y and Z were partners in a firm. The firm closes its books on 31st March every year. On 31st December 2021, X died. The partnership deed provided that the share of deceased partner in the profits of the firm till the date of his death will be calculated on the basis of last … Read more
Ramesh, Rajesh and Raman are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 30th June, 2021, Ramesh died. Sales for the year ended 31st March, 2021 were ₹12,00,000 and profits were ₹1,20,000. The sales for the period from 1st April, 2021 to 30th June, 2021 … Read more