Trisha, Urvi and Varsha were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Trisha, Urvi and Varsha as at 31st March, 2023 Liabilities Amount (₹) Assets Amount (₹) Capitals :Trisha 2,00,000Urvi 1,30,000Varsha … Read more
Arnav, Bhavi and Chavi were in partnership sharing profits and losses in the ratio of 3:21. On 31 March, 2023, their Balance Sheet was as follows: Balance Sheet of Arnav, Bhavi and Chavi as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals: Arnav Bhavi Chavi Creditors 1,80,0001,60,0001,00,000 4,40,0002,50,000 Plant & Machinery FurnitureDebtorsLess: … Read more
Ravi, Guru, Mani and Sonu were partners in a firm sharing profits in the ratio of the 2:2:2:1. On 31st January, 2023, Sonu retired. On Sonu’s retirement the Goodwill of the firm was valued at Rs. 1,40,000. The new profit-sharing ratio among Ravi, Guru and Mani was agreed as 5:11. Showing your workings clearly, pass … Read more
Prina, Qadir and Kian were partners in a firm sharing profits in the ratio of 7:2:1. On 31st March, 2023 their Balance Sheet was as follows: Balance Sheet of Prina, Qadir and Kian as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals: Prina Qadir KiranGeneral ReserveWorkmen s Compensation ReserveCreditors 9,60,0008,40,0009,00,000 27,00,0003,00,0005,40,0003,60,000 … Read more
Varun, Tarun, Arun and Barun were partners in a firm sharing profits in the ratio of 5:3:2:2. Arun retired on 31st March, 2023. Varun, Tarun and Barun decided to share future profits equally. On Arun’s retirement, Goodwill of the firm was valued at Rs. 9,00,000. Showing your workings clearly, pass the necessary Journal entry for … Read more
Inder, Jonny and Kapil were partners in a firm sharing profits and losses in the ratio of 9:3:4. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Inder, Jonny and Kapil as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals: Inder Jonny KapilGeneral ReserveCreditors 90,00075,00060,000 2,25,00080,00010,000 Fixed … Read more
Ravi, Tanu and Sara were partners in a firm sharing profits and losses in the ratio of 5:3:2. Ravi retired from the firm due to his illness on 31st March, 2023. The Balance Sheet of the firm on that date was as follows: Balance Sheet of Ravi, Tanu and Sara as at 31st March, 2023 … Read more
Prateek, Charu and Sirima were partners in a firm sharing profits in the ratio of 3:2:1. Prateek retired from the firm on 31st March, 2023. Charu and Sirima decided that the capital of the new firm will be Rs. 6,30,000. The capital accounts of Charu and Sirima after all adjustments on the date of retirement … Read more
Rishi, Shashi and Trishi were partners in a firm sharing profits and losses in proportion of 12 , 16 and 13 respectively. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Rishi, Shashi and Trishi as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals: Rishi Shashi TrishiGeneral … Read more
Aamir, Bashir and Chirag were partners in a firm sharing profits and losses in the ratio of 3:3:2. Chirag retired. Aamir and Bashir decided to share profits and losses in future in the ratio of 1:2. On the day of Chirag’s retirement, goodwill of the firm was valued at Rs. 5,40,000. Calculate gaining ratio and … Read more