Kangli, Mangli and Sanavali are three partners sharing profits in the ratio of 4 : 3 : 2
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Keshav, Rakesh and Hari are partners sharing profits in the ratio of 4 : 4 : 2
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Shiv, Mohan and Sohan were partners sharing profits in the ratio of 1/5, 1/3 and 7/15 respectively
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Amit, Basu and Chirag are partners sharing profits in the ratio of 1/2, 3/10 and 1/5
Solution:- When a partner retires and information about the new profit-sharing ratio among the remaining or continuing partners is not given, it is assumed that remaining or continuing partners will share future profits and losses in their old profit-sharing ratio.…
Karam, Sunil and Mahesh were partners in a firm sharing profits in the ratio of 3 : 2 : 5. On 31st March, 2023, their Balance Sheet was as follows:
Solution:- After all adjustments, the capital account balances of Karam and Mahesh are already in a new profit-sharing ratio (i.e., 3 : 5). Thus, Current Accounts and cash adjustments are not required.
Pratik, Nitish and Avinash are in partnership sharing profits equally. Avinash died on 30th June
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Parul, Mukesh and Ranbir were partners, sharing profits in the ratio of 3 : 1 : 1. The Balance Sheet of the firm as at 31st March, 2022 is given below:
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Jeet, Vijay and Priya are partners in a firm. Their Balance Sheet as at 31st March, 2022 is given below:
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Munish, Bishan and Chahat were partners sharing profits in the ratio of 3 : 2 : 1. Balance Sheet of the firm is given below as at 31st March, 2023:
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Sunil, Jobins and Manish were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March 2023, their Balance Sheet was as follows:
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