X, Y and Z are partners sharing profits and losses in the ratio of 3 : 2 : 1. Balance Sheet of the firm as at 31st March, 2022 was as follows:
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A, B and C are partners sharing profits and losses in the ratio of 4 : 3 : 3. Their Balance sheet as at 31st March, 2023 is:
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Chintan, Ayush and Sudha 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:
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Ashok, Bhaskar and Chaman are partners in a firm, sharing profits and losses as Ashok 1/3, Bhaskar 1/2, and Chaman 1/6 respectively. The Balance sheet of the firm as at 31st March, 2023 was:
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N, S and G were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. on 31st March, 2016 their Balance sheet was as under:
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Alfa, Beta and Gama are in partnership sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet on 1st April, 2022, the day Beta decided to retire from firm, was as follows:
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Partnership Deed of C and D, who are equal partners, has a clause that any partner may retire from the firm on the following terms by giving a six month notice in writing: a) the amount standing to the credit of his Capital Account and Current Account. b) his share of profit to the date of retirement, calculated on the basis of the average profit of the three preceding completed years. c) half the amount of the goodwill of the firm calculated at 1 and half times the average profit of the three preceding completed years. C gave a notice on 31st March, 2022 to retire on 30th september, 2022, when the balance of his Capital Account was ₹ 6,000 and his Current Account (Dr.) ₹ 500. Profits for the three preceding completed years ended 31st March, were: 2020 – ₹ 2,800; 2021 – ₹ 2,201 and 2022 – ₹ 1,600. Determine the amount due to C as per the partnership agreement.
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X, Y and Z were equal partners in a firm. On 31st March, 2023, their Balances Sheet was as follows:
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A, B and C were partners, sharing profits and losses in the ratio of 2 : 2 : 1. B retired on 31st March, 2023. on the date of his retirement, some of the assets and liabilities appeared in the books as follows: Creditors ₹ 70,000; Building ₹ 1,00,000; Plant and Machinery ₹ 40,000; Stock of Raw Materials ₹ 20,000; Stock of Finished Goods ₹ 30,000 and Debtors ₹ 20,000.
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