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.)
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
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
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
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