Chandni, Bhanu and Garima were partners in a firm sharing profits and losses in the ratio of 5: 3: 2. The firm closes its books on 31st March every year. On 1st October, 2024, Chandni died. On that date her capital account showed a credit balance of ₹3,00,000. On the date of Chandni’s death, the … Read more
Gopal, Heera and Iqbal were partners in a firm sharing profits and losses equally. Iqbal died on 1st April, 2022. Final dues payable to Iqbal’s executor as on the date of death amounted to ₹4,00,000. Starting from 31st March, 2023, the executor was to be paid in two equal annual instalments of ₹2,00,000 each, with … Read more
Simar, Tanvi and Umara were partners in a firm sharing profits and losses in the ratio of 5 : 6 : 9. On 31st March, 2024 their Balance Sheet was as follows: Balance sheet of Simar Tanvi and Umara as at 31st March 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Fixed Assets 25,00,000 Simar … Read more
Raja, Bharat and Vedika were partners in a firm sharing profits and losses in the ratio of 2:2:1. Their Balance Sheet as on 31st March, 2024 was as follows: Balance Sheet of Raja, Bharat and Vedika as on 31st March, 2024 Liabilities Amount(₹) Assets Amount(₹) Creditors 80,000 Bank 15,000 General Reserve 50,000 Stock 70,000 Capitals: … Read more
X, Y and Z were partners sharing profits and losses equally. Y died on 1st October, 2023 and total amount transferred to Y’s executors was ₹15,60,000. Y’s executors were being paid ₹3,60,000 immediately and balance was to be paid in four equal quarterly instalments, together with Interest @ 6% p.a. Pass entries till payment of … Read more
A, B and C were partners sharing profits, and losses in the ratio of 2:2:1. C died on 1st July, 2023 on which date the capitals of A, B and C after all necessary adjustments stood at ₹74,000, ₹63,750 and ₹42,250 respectively. A and B continued to carry on the business for six months without … Read more
Zarina, Yash and Kiran were partners in a firm sharing profits and losses in the ratio 2 : 2 : 1. Zarina died on 1st July, 2024. As per the partnership deed, Zarina’s share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for … Read more
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
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
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