Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans P, Q and R are partners sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2024, they decide to share profits and losses in equal proportions 300 viewsAnurag Pathak Answered question August 6, 2024Accountancy Class 12th 0 Votes 1 Ans Charu and Dinesh have been sharing profits in the ratio of 3 : 1. The net profits for the past four years have been ₹ 60,000; ₹ 50,000; ₹ 90,000 and ₹ 1,20,000 respectively 263 viewsAnurag Pathak Answered question August 6, 2024Accountancy Class 12th 0 Votes 1 Ans X, Y and Z are partners sharing profits in the ratio of 5 : 4 : 1. It is now agreed that they will share future profits in the ratio of 3 : 3 : 4. Goodwill is valued at ₹ 1,00,000 255 viewsAnurag Pathak Answered question August 6, 2024Accountancy Class 12th 0 Votes 1 Ans The following information relates to a partnership firm: (a) Sundry Assets of the firm ₹ 6,80,000. Outside Liabilities ₹ 60,000. 233 viewsAnurag Pathak Answered question August 5, 2024Accountancy Class 12th 0 Votes 1 Ans Average profit of the firm is ₹ 3,00,000. Total assets of the firm are ₹ 24,00,000 whereas Partner’s Capital is ₹ 20,00,000. If normal rate of return in a similar business is 12% of the capital employed 226 viewsAnurag Pathak Answered question August 5, 2024Accountancy Class 12th 0 Votes 1 Ans A partnership firm earned net profits during the last three years as follows: 2021 – 22 ₹ 1,90,000 2022 – 23 ₹ 2,20,000 280 viewsAnurag Pathak Answered question August 5, 2024Accountancy Class 12th 0 Votes 1 Ans Yash and Karan were partners in an interior designer firm. Their fixed capitals were ₹ 6,00,000 and ₹ 4,00,000 respectively. There were credit balances in their current accounts of ₹ 4,00,000 and ₹ 5,00,000 respectively 273 viewsAnurag Pathak Answered question August 5, 2024Accountancy Class 12th 0 Votes 1 Ans An existing firm had assets of ₹ 4,00,000 including cash of ₹ 15,000. Its creditors amounted to ₹ 20,000 on that date. The partner’s capital accounts showed a balance of ₹ 3,00,000 and reserves amounted to ₹ 80,000 214 viewsAnurag Pathak Answered question August 5, 2024Accountancy Class 12th 0 Votes 1 Ans A firm earns a profit of ₹ 37,000 per year. In the same business a 10% return is generally expected. The total assets of the firm are ₹ 4,00,000. The value of outside liabilities is ₹ 90,000 254 viewsAnurag Pathak Answered question August 5, 2024Accountancy Class 12th 0 Votes 1 Ans Calculate the value of goodwill at 2 year’s purchase of the average profits of the last 3 years. The profit for the first year was ₹ 50,000, for second year twice the profit of first year and for the third year one and half times the profit of the second year 237 viewsAnurag Pathak Answered question August 5, 2024Accountancy Class 12th 0 Votes 1 Ans Calculate the value of goodwill as on 1st April, 2024, on the basis of 2 and 1/2 year’s purchase of the average profits of the last five years. The profits and losses for the years ending 31st March were: 2019 ₹ 80,000; 2020 ₹ 1,00,000; 2021 Loss ₹ 30,000; 2022 ₹ 1,70,000; 2023 ₹ 1,60,000 and 2024 ₹ 1,80,000 240 viewsAnurag Pathak Answered question August 5, 2024Accountancy Class 12th 0 Votes 1 Ans The average profit earned by a firm is ₹ 75,000 which includes undervaluation of stock of ₹ 5,000 on an average basis. The capital invested in the business is ₹ 7,00,000 and the normal rate of return is 7% 254 viewsAnurag Pathak Answered question August 4, 2024Accountancy Class 12th 0 Votes 1 Ans Amit, Archit and Akshat are partners in a firm in the ratio of 3 : 2 : 1. On 1st April, 2023 they decided to share the profits in future in the ratio of 7 : 5 : 4. On this date General Reserve is ₹ 38,000 and profit on revaluation of assets and liabilities being ₹ 34,000 238 viewsAnurag Pathak Answered question August 4, 2024Accountancy Class 12th 0 Votes 1 Ans L, M and N are partners sharing profits and losses in equal proportion. On 31st March 2021, their balance sheet was as follows: 302 viewsAnurag Pathak Answered question August 4, 2024Accountancy Class 12th 0 Votes 1 Ans P, Q and R are in partnership sharing profits and losses in the ratio of 5 : 4 : 3. On 31st March 2023, their balance sheet was as follows: 288 viewsAnurag Pathak Edited answer August 2, 2024Accountancy Class 12th 0 Votes 1 Ans X and Y are partners sharing profits and losses in the ratio of 4 : 3. Their Balance Sheet as at 31st March, 2021 stood as follows: 312 viewsAnurag Pathak Edited answer August 2, 2024Accountancy Class 12th 0 Votes 1 Ans Aman, Bobby and Chandani were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. From 1st April, 2018 they decided to share profits equally. The revaluation of assets and re-assessment of liabilities resulted in a loss of ₹ 5,000 433 viewsAnurag Pathak Answered question August 2, 2024Accountancy Class 12th 0 Votes 1 Ans Asha, Rina and Chahat were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2019 was as follows: 311 viewsAnurag Pathak Answered question August 2, 2024Accountancy Class 12th 0 Votes 1 Ans A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1. From 1st April, 2023 they decided to share future profits and losses equally. 394 viewsAnurag Pathak Answered question August 2, 2024Accountancy Class 12th 0 Votes 1 Ans P, Q and R were partners sharing profits in the ratio of 1 : 3 : 2. Following was their Balance Sheet as at 31st March, 2022: 371 viewsAnurag Pathak Changed status to publish August 1, 2024Accountancy Class 12th 0 Votes 1 Ans A, B and C are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2022 is as under: 268 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th 0 Votes 1 Ans X, Y and Z are partners sharing profits and losses in the ratio of 7 : 5 : 4. Their balance sheet as at 31st March 2021 stood as follows: 358 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th 0 Votes 1 Ans Arun and Varun were in partnership sharing profits in the ratio of 2 : 3. With effect from 1st May 2021 they agreed to share profits in the ratio of 1 : 2. For this purpose the goodwill of the firm is to be valued at two year’s purchase of the average profits of last three years, which were ₹ 1,50,000, ₹ 1,40,000 and ₹ 2,20,000 respectively 329 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th 0 Votes 1 Ans A, B, C and D are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1 : 1. They decided to share future profits and losses in the ratio of 3 : 2 : 2 : 3. For this purpose goodwill of the firm valued at ₹ 1,50,000 297 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th 0 Votes 1 Ans X Y and Z were sharing profits and losses in the ratio of 5 : 3 : 2. They decided to share future profits and losses in the ratio of 2 : 3 : 5 with effect from 1.4.2022. They decided to record the effect of the following, without effecting their book values 278 viewsAnurag Pathak Answered question August 1, 2024Accountancy Class 12th « Previous 1 2 … 14 15 16 17 18 … 161 162 Next » Question and answer is powered by anspress.net
