Bat, Cat and Rat were partners sharing profits and losses in the ratio 5:3:2. Cat retired and on that date there was a balance of Investment of ₹4,00,000 and Investment Fluctuation Reserve of ₹1,00,000 was appearing in the balance sheet. Pass necessary journal entries for Investment Fluctuation reserve in the following cases. (i) Market Value … Read more
Naval, Nyaya and Nritya were partners in a firm sharing profits and losses in the ratio of 3:5:2. On 31st March, 2024, their Balance Sheet was as follows: Balance Sheet of Naval, Nyaya and Nritya as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Land and Building 9,50,000 Naval 2,00,000 Plant and … Read more
Sudha, Sudama and Sulochna were partners in a firm sharing profits equally. On 31st March, 2020, Sudha retired. On the date of retirement ₹2,40,000 became due to her. Sudama and Sulochana agreed to pay Sudha in four equal yearly instalments plus interest @ 10% p.a. on the unpaid balance starting from 31st March, 2021. The … Read more
Rani, Manav and Pushpa were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 1st April, 2024, Rani decided to retire from the firm. On that day, the balance in her capital account after making necessary adjustments on account of reserves, revaluation of assets and reassessment of liabilities was ₹3,08,000. … Read more
Arti, Bharti and Gayatri were partners in a firm sharing profits and losses in ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2024 was a follows: Balance Sheet of Arti, Bharti and Gayatri as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Creditors 1,50,000 Cash at Bank … Read more
Ratan, Singh and Sharma were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. Their Balance Sheet on 31st March, 2024 was as follows: Balance Sheet of Ratan, Singh and Sharma as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Creditors 90,000 Bank 65,000 Outstanding Wages 10,000 … Read more
Rupal, Shanu and Trisha were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. Their Balance Sheet as at 31st March, 2024 was as follows: Balance Sheet of Rupal, Shanu and Trisha as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Fixed Assets 8,20,000 … Read more
Ashish, Vinit and Reema were partners sharing profits and losses in the ratio of 2:2:1. Their Balance Sheet on 31st March, 2024 was as follows: Balance sheet of Ashish, Vinit and Reema as at 31st March, 2024 Liabilities Amount(₹) Assets Amount(₹) Capitals: Patents 80,000 Ashish 2,00,000 Furniture 3,00,000 Vinit 2,00,000 Stock 1,70,000 Reema 1,00,000 5,00,000 … Read more
Meghna, Mehak and Mandeep were partners in a firm whose Balance Sheet as on 31st March, 2023 was as under: Balance Sheet Liabilities Amount(₹) Assets Amount(₹) Creditors 28,000 Cash 27,000 General Reserve 7,500 Debtors 20,000 Capitals: Stock 28,000 Meghna 20,000 Furniture 5,000 Mehak 14,500 Mandeep 10,000 44,500 80,000 80,000 Mehak retired on this date under … Read more
Chandan, Deepak and Elvish were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 2. Their Balance Sheet as at 31st March, 2024 stood as follows: Balance Sheet of Chandan, Deepak and Elvish as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Fixed Assets 27,00,000 … Read more