Puneet and Tarun are partners sharing profits and losses in the ratio of 3 : 2. They admit Simran as a partner who acquires 2/7th from Puneet and 1/7th from Tarun as her share
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Kavita and Leela are partners with capitals of ₹ 6,00,000 and ₹ 4,00,000 and sharing profits & Loss in the ratio of 2 : 1. Their partnership deed provides that interest on capitals shall be provided @ 8% p.a
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Read the following hypothetical text and answer the given questions on its basis. Profit for the year ended 31st March, 2023 of iPay (a payment processing start up) was ₹ 15,00,000 after accounting the following
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Pradeep and Paresh partners in a firm decided to dissolve their partnership firm on 1st April, 2024. Pradeep was deputed to realise the assets and to pay off the liabilities
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C, D and E were partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their Balance Sheet as at 31st March, 2022 was as follows
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Pass necessary Journal entries for the following transactions, on the dissolution of a partnership firm of Kavita and Suman on 31st March, 2022, after the various assets (other than cash) and third party liabilities have been transferred to Realisation Account
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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 31s March
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Ramesh, Suresh and Dinesh were partners sharing profits and losses in the ratio of 3 : 2 : 1. Dinesh died on 1st May, 2023 on which date the capitals of Ramesh
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Shweta, Meenu and Asha were partners in a firm sharing profits and losses in the ratio of 3 : 5 : 2. Meenu retired on 1st April, 2022. After making all adjustments relating to revaluation, goodwill and accumulated profits
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Ashish and Vishesh were partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2022 was as under:
Solution:- Important Points:- I) In the absence of any further information, sacrificing ratio is always equal to the old ratio of the partners. ii) In the absence of any further information, revaluation loss is debited to the old partners in…