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
Vimal, Kamal and Nirmal were partners sharing profit & losses in the ratio of 3: 2: 1. Vimal died on 30th September, 2020. The partnership deed provides that the share of profit of the deceased partner till the date of his death was to be calculated on the basis of the average profits of the … Read more
Harihar, Hemang and Harit were partners with fixed capitals of ₹3,00,000, ₹2,00,000 & ₹1,00,000 respectively. They shared profits in the ratio of their fixed capitals. Harit died on 31st May, 2020, whereas the firm closes its books of accounts on 31st March every year. According to their partnership deed, Harit’s representatives would be entitled to … Read more
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