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 2,00,000 Stock 66,000 Workmen’s Compensation … Read more
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 ratio of Madhu and Neha. … Read more
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 sharing ratio of P and … Read more
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 and D. Marks-2, CBSE:2021-22/Term-2/Zone-3/Set-1/Q-2 Answer … Read more
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 Suman and Siya. Marks-2, CBSE:2021-22/Term-2/Zone-2/Set-1/Q-3 … Read more
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 full settlement of her claim. … Read more
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 of ₹3,60,000 and ₹1,40,000 respectively. … Read more
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 journal entry for the same … Read more
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 his claim. Pass necessary journal … Read more
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 at ₹5,00,000. Mohan and Shyam … Read more