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 Capitals: Building 30,000 Vidit 48,000 … Read more
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 Machinery 30,000 General Reserve 12,000 … Read more
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 3,00,000 Mini 2,90,000 56,500 61,500 … Read more
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