L, M and N were partners in a firm sharing profit & losses in the ratio of 2:2:3. On 31st March 2023, their Balance Sheet was as follows: Liabilities Amount ₹ Assets Amount ₹ Creditors 80,000 Land and Building 5,00,000 Bank overdraft 22,000 Machinery 2,50,000 Long term debts 2,00,000 Furniture 3,50,000 Capital Accounts: Investments 1,00,000 … Read more
Anshul, Babita and Chander were partners in a firm running a successful business of car accessories. They had agreed to share profits and losses in the ratio of 1/2 : 1/3 : 1/6 respectively. After running business successfully and without any disputes for 10 years, Babita decided to retire due to old age and the … Read more
Kamal, Rahul and Neeraj were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 31st March, 2022, their Balance Sheet was as under: Balance Sheet of Kamal, Rahul and Neeraj as on 31t March, 2022 Liabilities Amount ₹ Assets Amount ₹ Capitals: Land and Buildings 1,70,000 Kamal 1,20,000 Plant and … Read more
Tarun, Abhishek, Kamal and Vivek were partners in a firm sharing profits in the ratio of 5:3:2:2. Kamal retired on 31st March, 2022. Tarun, Abhishek and Vivek decided to share future profits equally. On Kaal’s retirement goodwill of the firm was valued at ₹9,00,000. Showing your working clearly, pass the necessary journal entry for treatment … Read more
Anna, Bina and Teena were partners sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet on 31st March, 2022 was as follows: Balance Sheet of Anna, Bina and Teena as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Creditors 66,000 Furniture 1,12,000 Bills Payable 59,000 Stock … Read more
Anita, Geeta and Sita 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 follow: Balance Sheet of Anita, Geeta and Sita as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Capitals: Land and Buildings … Read more
X, Y and Z were partners in a firm sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet as at 31st March, 2020 was as follows: Balance Sheet of X, Y and Z as at 31st March, 2020 Liabilities Amount ₹ Assets Amount ₹ Creditors 66,500 Land 3,00,000 Bills Payable 10,000 Furniture … Read more
Krish, Vrish and Peter are partners sharing profits in the ratio of 3:2:1. Vrish retired from the firm. On that date the Balance Sheet of the firm was as follows: Balance Sheet as on March 31, 2020 Liabilities Amount (₹) Assets Amount (₹) Creditors General Reserve Bills Payable Outstanding Salary Provision for Legal Damages Capitals: … Read more
Chintan, Ayush and Sudha 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 Chintan, Ayush and Sudha as at 31st March, 2019 Liabilities Amount ₹ Assets Amount ₹ Capitals : Plant and Machinery … Read more
N, S and B were partners in a firm sharing profits and losses in proportion of ½, 1/6, and 1/3 respectively. The Balance Sheet of the firm as at 31st March, 2017 was as follows: Balance Sheet of N, S and B as at 31.3.2017 Liabilities Amount (Rs.) Assets Amount (Rs.) Capital: Freehold Premises … Read more