Prem, Kumar and Aarti were partners sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2019 was as under:     Balance Sheet of Prem, Kumar and Aarti as at 31st March, 2019 Liabilities   Amount (Rs.) Assets   Amount (Rs.)...

A, B and C were partners in a firm. Their Balance Sheet as at 31st March, 2019 was as follows: Balance Sheet of A, B and C as at 31st March, 2019 Liabilities   Amount (Rs.) Assets   Amount (Rs.) Bill payable 20,000 Bank 20,000 Creditors 40,000 Furniture 28,000 General...

A, B & C were partners in a firm sharing profits & losses in proportion to their fixed capitals. Their Balance Sheet as at March 31, 2017 was as follows:   Balance Sheet as at March 31, 2017 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals:   Bank 21,000 A   ...

Ativ, Meha and Nupur were partners sharing profits and losses in the ratio of 5 : 3 : 2. On 31-3-2016, their Balance Sheet was as under: Liabilities Amount (Rs.) Assets Amount (Rs.) Trade creditors 26,500 Bank 25,000 Employees’ Provident Fund 23,500 Debtors 30,000 Ativ’s capital 1,00,000 Stock 55,000 Meha’s...

Kanika, Disha and Kabir were partners sharing profits in the ratio of 2 : 1 : 1. On 31-3-2016, their Balance Sheet was as under : Liabilities Amount (Rs.) Assets Amount (Rs.) Trade creditors 53,000 Bank 60,000 Employees’ Provident Fund 47,000 Debtors 60,000 Kanika’s capital 2,00,000 Stock 1,00,000 Disha’s capital...

Anita, Gaurav and Sonu were partners in a firm sharing profits and losses in proportion to their capitals. Their Balance Sheet as at 31st March, 2019 was as follows:   Balance Sheet of Anita, Gaurav and Sonu as at 31st March, 2019  Liabilities    Amount (Rs.)  Assets    Amount (Rs.)  Capitals :    Land and Building   5,00,000  Anita 2,00,000 ...

Gita, Radha and Garv were partners in a firm sharing profits and losses in the ratio of 3:5:2. On 31st March, 2019, their balance sheet was as follows : Balance Sheet of Gita, Radha & Garv as on 31st March, 2019 Liabilities   Amount (Rs.) Assets   Amount (Rs.) Sundry...

Lisa, Monika and Nisha were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2019, their Balance Sheet was as follows: Balance Sheet of Lisa, Monika and Nisha as at 31st March, 2019 Liabilities Amount (Rs.) Assets Amount (Rs.)...

Akul, Bakul and Chandan were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March, 2018 their Balance Sheet was as follows : Balance Sheet of Akul, Bakul and Chandan as on 31-3-2018 Liabilities   Amount (Rs. ) Assets   Amount (Rs....

Mohan, Vinay and Nitya were partners in a firm sharing profits and losses in the proportion of ½, 1/3 and 1/6 respectively. On 31st March, 2018, their Balance Sheet was as follows: Balance Sheet of Mohan, Vinay and Nitya as at 31st March, 2018 Liabilities Amount (Rs.) Assets Amount (Rs.)...

G, E and F were partners in a firm sharing profits in the ratio of 7 : 2 : 1. The Balance Sheet of the firm as at 31st March, 2018, was as follows: Balance Sheet of G, E and F as at 31st March, 2018 Liabilities Amount (Rs.) Assets...

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...

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 ₹...

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...

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...

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...

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...

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...

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...

B, P and T were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 31.03.2022, their Balance Sheet was as follows: Balance Sheet of B, P and T as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Creditors 1,40,000 Bank 1,44,000 General Reserve...

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...

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...

Gini, Bini and Mini were in partnership sharing profits and losses in the ratio of 5:2:2. Their Balance Sheet as at 31st March, 2021 was as follows: Balance Sheet as at 31st March,2021 Liabilities Amount (₹) Assets Amount (₹) Sundry Creditors Bank Overdraft Workmen’s Compensation Reserve Capitals: Gini 4,60,000 Bini...

Heena, Meena and Tina are partners in a firm sharing profits and losses equally. Their Balance Sheet on April 1st, 2020 was as follows: Balance Sheet of Heena, Meena & Tina as on 1st April, 2020 Liabilities Amount ₹ Assets Amount ₹ Bills Payable 12,000 Building 40,000 Sundry Creditors 18,000...

Vidit, Vinay and Siya were partners in a firm. On 31st March,2021, their Balance Sheet was as follows: Balance Sheet of Vidit, Vinay and Siya as at 31st March, 2021 Liabilities Amount ₹ Assets Amount ₹ Creditors 72,000 Cash 28,000 Bank’s Loan 18,000 Stock 46,000 General Reserve 18,000 Debtors 34,000...

D, E and F were partners in a firm sharing profits in the ratio of 5:2:3. On 31.3.2022 their balance sheet was as follows Balance Sheet of D, E and F as on 31.3.2022 Liabilities Amount ₹ Assets Amount ₹ Creditors 53,000 Cash 16,000 Bills Payable 62,000 Bank 17,000 General...

X, Y and Z were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. On 31st March, 2022 their Balance Sheet was as follows: Balance Sheet of X, Y and Z as at 31st March, 2022 Liabilities Amount (₹) Assets Amount (₹)...

Anu, Bhanu and Charu were partners in in a firm sharing profits in the ratio of 2:2:1. Anu decided to retire from the firm on 31st March, 2021. The balance sheet of the firm on that date was as follows: Balance Sheet of Anu, Bhamu and Charu as on 31st...

Ravi, Mohan and Pandey were partners in a firm sharing profits and losses in the ratio of 7 : 8 : 9. On 31st March, 2022, their Balance Sheet was as follows: Balance Sheet of Ravi, Mohan and Pandey as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹...

Reyansh, Aayushman and Sabhya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2022 was as under: Balance Sheet of Reyansh, Aayushman and Sabhya as at 31st March, 2022 Liabilities Amount ₹ Assets Amount...

P, Q and R were partners in a firm sharing profits in the ratio of 3:2:1 respectively. On March 31st, 2022, the balance sheet of the firm stood as follows: Balance Sheet Liabilities Amount ₹ Assets Amount ₹ Creditors 13,000 Cash 4,700 Bills Payable 590 Debtors 8,000 Capitals Accounts: Stock...

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...

Radhika, Ridhima and Rupanahi were partners in a firm sharing profits and losses in the ratio of 3:5:2, On 31st March, 2022, their balance sheet was as follows: Balance Sheet of Radhika, Ridhima and Rupanshi as on 31.3.2022 Liabilities Amount ₹ Assets Amount ₹ Sundry Creditors 60,000 Cash 50,000 General...

Madhu, Manav and Mukul were partners in a firm sharing profits in the ratio of 3:2:1. On 31st March, 2021 Mukul retired from the firm. On Mukul’s retirement, goodwill of the firm was valued at 3,00,000. Pass necessary Journal entry for the treatment of goodwill without opening goodwill account on...

P, Q and R were partners in a firm sharing profits and losses in the ratio of 4: 3: 3. On 31.3.2022 R retired from the firm. On R’s retirement the balance sheet of the firm showed sundry debtors at ₹3,75,000. It was decided to write off ₹5,000 as bad...

Ajay, Vijay, Sanjay and Dhananjay are partners in a firm sharing profits and losses in the ratio of 2 : 2: 1 : 1. Vijay decided to retire from the firm. The Goodwill of the firm was valued at ₹12,00,000. Pass necessary journal entry for the treatment of Goodwill on...

Mohan, Girdhari and Shyam were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. On 31st March, 2022, Girdhari retired. After making all adjustments on account of reserves, revaluation of assets and reassessment of liabilities, the balance in Girdhari’s Capital Account stood...

Suresh, Ramesh and Tushar were partners of a firm sharing profits in the ratio of 6:5:4. Ramesh retired and his capital after making adjustments on account of reserves, revaluation of assets and reassessment of liabilities stood at ₹2,50,400. Suresh and Tushar agreed to pay him ₹2,90,000 in full settlement of...

A, B and C were partners a firm sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 2022, B retired from the firm.  On B’s retirement the goodwill of the firm was valued at ₹1,80,000. Calculate B’s share of goodwill and pass necessary...

Suman, Vivek and Vinod were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Suman retired on 1st April, 2022. After making all adjustments relating to revaluation, goodwill and accumulated profits, etc., the capital accounts of Vivek and Vinod showed credit balances...

Vibha, Sudha and Ashish were partners in a firm sharing profits in the ratio 2:3:1. Sudha retired and the balance in her capital account after making necessary adjustments on account of reserves, revaluation of assets and re-assessment of liabilities was ₹85,0O0, Vibha, and Ashish agreed to pay Sudha ₹1,15,000 in...

Suman, Shubham and Siya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Shubham retired from the firm and Suman and Siya decided to continue the business. Their gaining ratio was 3 : 2. Calculate the new profit sharing ratio of...

A, B, C and D were partners in a firm sharing profits and losses in the ratio of 1:2:3:4. On 31.3.2022, C retired from the firm and his share was acquired by A and B in the ratio of 3 :2. Calculate the new profit sharing ratio of A, B...

P, Q and R were partners in a firm sharing profits and losses in the ratio of 3 : 4 : 1. On 31st March, 2022, R retired. R surrendered 1/3rd of his share in favour of P and the remaining share in favour of Q. Calculate the new profit...

Madhu, Tina and Neha were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. On 31st March, 2022, Tina retired and her share was taken over by Madhu and Neha in the ratio of 2 : 1. Calculate the new profit sharing...

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....

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...

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...

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...

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...

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...

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...

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....

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...

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...

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...

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...

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...

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...

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...

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 (₹)...

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...

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...

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...

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...