The Partners of a firm, Alia, Bhanu, and Chand distributed the profits for the year ended 31st March 2017. ₹ 8,000 in the ratio of 3:3:2 without providing for the following adjustments:
Solution:- Working Notes:-
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Ajay, Binay, and Chetan were partners sharing profits in the ratio of 3:3:2. The Partnership Deed Provided for the following:
Solution:- Ist Method:- Working Notes:- 2nd Method Working Notes:- 3rd Method:- Working Notes:-
Ankur, Bhavna, and Disha are partners in a firm. On 1st April 2022, the balances in their capital accounts stood at ₹ 14,00,000, ₹ 6,00,000, and ₹ 4,00,000 respectively.
Solution:-
Three Chartered Accountants Abhijit, Baljit, and Charanjit form a partnership, profits being shared in the ratio of 3:2:1 subject to the following:
Solution:- Note:- The Gross fee of ₹ 16,000 earned by Baljit for the firm is less than the amount guaranteed by him. So the deficiency of ₹ 9,000 (i.e., ₹ 25,000 – ₹ 16,000) will be debited…
Xen, Sam, and Tim are partners in a firm. For the year ended 31st March 2022, the profit of the firm ₹ 12,00,000 was distributed equally among them, without giving effect to the following terms of the partnership deed:
Solution:- Note:- 1. Profit wrongly distributed earlier in 1 : 1 : 1 is reversed in first country. 2. Sam’s guaranteed that the firm would earn at least ₹ 1,35,000 profit and any shortfall would be met by him. Thus…
Anju, Manju and Mamta are partners whose fixed capitals were ₹ 10,000, ₹ 8,000 and ₹ 6,000, respectively
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Mohan, Vijay and Anil are partners, the balances in their capital accounts being ₹ 30,000, ₹ 25,000 and ₹ 20,000 respectively
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Azad and Benny are equal partners. Their fixed capitals are ₹ 40,000 and ₹ 80,000 respectively
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On March 31, 2017 the balance in the capital accounts of Eluin, Monu and Ahmed after making adjustments for profits, drawings, etc
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Mannu and Shrishti are partners in a firm sharing profit in the ratio of 3 : 2
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