P, Q and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on March 31 every year. On June 30, 2017, R died. The following information is provided on R’s death:  (i) Balance in his capital account in the beginning...

Anuj, Manoj and Disha were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 1st April, 2016, the capitals of the partners were : Rs.  3,00,000; Rs.  2,00,000 and Rs.  1,00,000 respectively. The firm closes its books on 31st March every...

Farhan, Hina and Dolly are partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 1st April, 2016 the capitals of the partners were : Rs.  5,00,000; Rs.  3,00,000 and Rs.  2,00,000 respectively. The firm closes its books on 31st March every year. Dolly...

Naveen, Kavita and Vishesh were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. Their Balance Sheet as at 31st March, 2019 was as follows:    Balance Sheet of Naveen, Kavita and Vishesh as at 31st March, 2019  Liabilities  Amount (Rs.)  Assets ...

Keith, Bina and Veena were partners in a firm sharing profits and losses equally. Their balance sheet as on 31-3-2019 was as follows:  Balance Sheet of Keith, Bina and Veena as on 31-3-2019    Liabilities  Amount (Rs.)  Assets  Amount (Rs.)  Capitals :     Plant and Machinery   2,40,000  Keith 1,50,000    ...

Shirish, Harit and Asha were partners in a firm sharing profits in the ratio of 5 : 4 : 1. Shirish died on 30th June, 2018. On this date their Balance Sheet was as follows :  Balance Sheet of Shirish, Harit and Asha as at 31st March, 2018  Liabilities  Amount...

A, B and C were partners in a firm. A died on 31.3.2018 and the Balance Sheet of the firm on that date was as under :  Balance Sheet of A, B and C as at 31.3.2018  Liabilities  Amount (Rs.)  Assets  Amount (Rs.)  Creditors  7,000  Cash at Bank  12,000  General...

Dinesh, Alvin and Pramod are partners in a firm sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet as at March 31, 2018 was as follows: –  Balance Sheet of Dinesh, Alvin and Pramod  As at 31st March, 2018  Liabilities  Amount (Rs.)  Assets  Amount (Rs.)  Sundry Creditors ...

Sandeep, Mandeep and Amandeep were partners in a firm sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. On 30th September, 2016 Mandeep died. The partnership deed provided that on the death of a partner his executors will...

Furkan, Tanmay and Barkat were partners in a firm sharing profits in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. Tanmay died on 31st July, 2019. His executor was entitled to:  (i) His capital Rs.  8,00,000 and his share of...

Aditi, Kartik and Tina 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 Aditi, Kartik and Tina as at 31st March, 2019  Liabilities  Amount (Rs.)  Assets ...

Giriija, Yatin and Zubin were partners sharing profits in the ratio 5 : 3 : 2. Zubin died on 1st August, 2015. Amount due to Zubin’s executor after all adjustments was Rs.  90,300. The executor was paid Rs.  10,300 in cash immediately and the balance in two equal annual instalments...

The Balance Sheet of A, B and C who were sharing profits in the ratio of 3 : 3 : 4 as at 31st March, 2019 was as follows : Balance Sheet of A, B and C as at 31st March, 2019 Liabilities Amount ₹ Assets Amount ₹ General Reserve...

Kanak, Kamal and Kanha are partners in a firm. Their fixed capitals were ₹5,00,000, ₹10,00,000 and ₹15,00,000 respectively. They share profits in the ratio of their fixed capitals. Firm closes its books of accounts on 31st March every year. Kanak died on 30th September, 2021, Kanak’s share of profit till...

Trisha, Anisha and Rishika 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 follows: Balance Sheet of Trisha, Anisha and Rishika as at 31st March, 2022 Liabilities Amount ₹ Assets Amount...

Prakash, Aakash and Vikas were partners in a business sharing profits in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2022 was as follows: Balance Sheet of Prakash, Aakash and Vikas as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Creditors...

Sonali, Sohan and Shivain were partners in a pen manufacturing firm. They were sharing profits and losses in the ratio of 2 : 2: 1. On 31st March, 2022 their Balance Sheet was as follows: Balance Sheet of Sonali, Sohan and Shivain as on 31st March, 2022 Liabilities Amount ₹...

Nisha, Priya and Rajat were partners in a firm sharing profits in the ratio of 2 :2:1. The firm closes its books on 31st March every year. Priya died on 1st July 2022. On Priya’s death, the goodwill of the firm was valued at ₹3,00,000 and her share in the...

B, C and D were partners in a firm sharing profits and losses in the ratio of 3: 5 :2. On 31.03.2022 their Balance Sheet was as follows: Balance Sheet of B, C and D as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹ Creditors 1,10,000 Building 2,00,000...

Sandeep, Maheep and Amandeep were partners in a firm sharing profits in the ratio of 2: 2: 1. The firm closes its books on 31st March every year. On 30th June, 2020 Maheep died. The partnership deed provided that on the death of a partner his executors will be entitled...

Harihar, Hemang and Harit were partners with fixed capitals of ₹3,00,000, ₹2,00,000 & ₹1,00,000 respectively. They shared profits in the ratio of their fixed capitals. Harit died on 31st May, 2020, whereas the firm closes its books of accounts on 31st March every year. According to their partnership deed, Harit’s...

Vimal, Kamal and Nirmal were partners sharing profit & losses in the ratio of 3: 2: 1. Vimal died on 30th September, 2020. The partnership deed provides that the share of profit of the deceased partner till the date of his death was to be calculated on the basis of...

Ramesh, Rajesh and Raman are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 30th June, 2021, Ramesh died. Sales for the year ended 31st March, 2021 were ₹12,00,000 and profits were ₹1,20,000. The sales for the period from 1st April,...

X, Y and Z were partners in a firm. The firm closes its books on 31st March every year. On 31st December 2021, X died. The partnership deed provided that the share of deceased partner in the profits of the firm till the date of his death will be calculated...

Puneet, Purav and Parth were partners in a firm sharing profits and losses in the ratio of 4:3:1. The firm closes its books on 31st March every year. As per the terms of partnership deed, on the death of any partner, the Goodwill of the firm will be calculated on...

Q and R were partners in a firm sharing profits and losses in the ratio of 9 : 8 : 7. The firm closes its books on 31st March every year. Q died on 30th November, 2021. The partnership deed provided that a deceased partner’s share in the profits of...

Nirmala, Divisha and Sara were partners in a firm sharing profits and losses in the 3:4:3. Books were closed on 31st March every year. Sara died on 1st February, 2022. As per the partnership deed Sara’s executors are entitled to her share of profit till the date of death on...

Sudhir, Deepak and Naveen were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2022 their Balance Sheet was as under: Balance Sheet of Sudhir, Deepak and Naveen as at 31st March, 2022 Liabilities Amount ₹ Assets Amount ₹...

Meena, Beena and Neena were partners in a firm sharing profits & losses equally. Their balance sheet as on 31 March, 2022 was as follow: Balance Sheet of Meena, Beena and Veena as on 31st March, 2022 Liabilities Amount₹ Assets Amount₹ Capitals: Plant and Machinery 2,40,000 Meena      1,50,000 Stock 60,000...

A, B and C were partners sharing P&L in the ratio 5:3:2. A died on 30th June, 2019. Entry for treatment of goodwill after his death was passed as follows: Particulars Debit ₹ Credit ₹ (A) B’s Capital A/c……………………….Dr C’s Capital A/c……………………….Dr To A’s Capital A/c (Entry for goodwill treatment...

Azhar, Sumit and Robit were partners in a firm sharing profits and losses in the ratio of 3:1:1. Their Balance Sheet as at 31st March, 2023, was as follows: Balance Sheet of Azhar, Sumit and Robit as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Creditors General ReserveCapitals:...

Aditi, Renu and Varsha were partners in a firm sharing profits and losses in the ratio of 3:2:5. On  31st March, 2023 their Balance Sheet was as under: Balance Sheet of Aditi, Renu and Varsha as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) Capitals: Aditi Renu VarshaGeneral...

Aaria, Beenu and Clara were partners in a firm sharing profits and losses in the ratio of 4:3:3. On 30th June, 2023, Clara died. Clara’s share in the profits of the firm till the date of death was to be calculated on the basis of sales. Sales during the year...

Ram, Ravi and Rohan were partners sharing profits in the ratio of 2:3:1. On 31st March, 2023, their Balance Sheet was as follows: Balance Sheet of Ram, Ravi and Rohan as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.)

Madhav, Raghav and Purav were partners in a firm sharing profits and losses in the ratio of 3:11. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Madhav, Raghav and Purav as at 31st March, 2023 Liabilities Amount (Rs.) Assets Amount (Rs.) CreditorsGeneral Reserve Capitals:...

Gita, Hina and Isha were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 2. Gita died. Hina and Isha decided to share profits and losses in the future, equally. On the day of Gita’s death, goodwill of the firm was valued at...

Pankaj, Rajat and Samay were partners in a firm sharing profits and losses in the ratio of 7 : 2 : 1. Their Balance Sheet as at 31st March, 2023 was as follows:          Balance Sheet of Pankaj, Rajat and Samay as at 31st March, 2023 Liabilities...