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 Vijay’s retirement without opening goodwill … Read more
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 debts and create a provision … Read more
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 Mukul’s retirement. Marks-2, CBSE:2021-22/Term-2/Zone-5/Set-1/Q-3 Answer … Read more
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 Reserve 40,000 Stock 80,000 Capitals: … 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
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 11,690 P 15,000 Buildings 23,000 … Read more
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 ₹ Creditors 2,20,000 Cash 1,60,000 … Read more
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 ₹ Creditors 1,41,000 Bank 27,000 General … Read more
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 March, 2021: Liabilities Amount ₹ … Read more
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 (₹) Sundry Creditors 34,000 Bank 1,74,000 … Read more