Kanak, Kamal and Kanha are partners in a firm. Their fixed capitals were ₹5,00,000, ₹10,00,000 and ₹15,00,000 respectively. They share profits in the ratio of their fixed capitals. Firm closes its books of accounts on 31st March every year. Kanak died on 30th September, 2021, Kanak’s share of profit till the date of death from … Read more
The Balance Sheet of A, B and C who were sharing profits in the ratio of 3 : 3 : 4 as at 31st March, 2019 was as follows : Balance Sheet of A, B and C as at 31st March, 2019 Liabilities Amount ₹ Assets Amount ₹ General Reserve 40,000 Cash 4,000 Bills Payable … Read more
Giriija, Yatin and Zubin were partners sharing profits in the ratio 5 : 3 : 2. Zubin died on 1st August, 2015. Amount due to Zubin’s executor after all adjustments was Rs. 90,300. The executor was paid Rs. 10,300 in cash immediately and the balance in two equal annual instalments with interest @ 6% p.a. … Read more
Aditi, Kartik and Tina were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2019, their Balance Sheet was as follows : Balance Sheet of Aditi, Kartik and Tina as at 31st March, 2019 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors 96,000 Furniture … Read more
Furkan, Tanmay and Barkat were partners in a firm sharing profits in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. Tanmay died on 31st July, 2019. His executor was entitled to: (i) His capital Rs. 8,00,000 and his share of goodwill which was valued for … Read more
Sandeep, Mandeep 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 September, 2016 Mandeep died. The partnership deed provided that on the death of a partner his executors will be entitled to the following: … Read more
Dinesh, Alvin and Pramod are partners in a firm sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet as at March 31, 2018 was as follows: – Balance Sheet of Dinesh, Alvin and Pramod As at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry Creditors 50,000 Debtors 15,000 General Reserve … Read more
A, B and C were partners in a firm. A died on 31.3.2018 and the Balance Sheet of the firm on that date was as under : Balance Sheet of A, B and C as at 31.3.2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors 7,000 Cash at Bank 12,000 General Reserve 9,000 Debtors 32,000 Workmen … Read more
Shirish, Harit and Asha were partners in a firm sharing profits in the ratio of 5 : 4 : 1. Shirish died on 30th June, 2018. On this date their Balance Sheet was as follows : Balance Sheet of Shirish, Harit and Asha as at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.) Capital: … Read more
Keith, Bina and Veena were partners in a firm sharing profits and losses equally. Their balance sheet as on 31-3-2019 was as follows: Balance Sheet of Keith, Bina and Veena as on 31-3-2019 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals : Plant and Machinery 2,40,000 Keith 1,50,000 Stock 60,000 Bina 1,00,000 … Read more