Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 5 : 3. They admit Kailash into the firm on 1st April 2023, when their Balance Sheet was as follows:
Solution:-
Commerce School
Student Community
Archives Answers
Answer
Amit and Anil are partners sharing profits and losses in the ratio of 2 : 1. Their Balance Sheet as on 31st March, 2023 was as follows:
Solution:- The Balance sheet is just given for your knowledge. Note:- Here, the Student needs to write a note that as follows Ankit would compensate the old partners through his current Account. As, Question does not mention, how a new…
a) An extract of the Balance Sheet of Murari and Vohra sharing profits and losses in the ratio of 3 : 2 was as under:
Solution:-
a) X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit W as partner for 1/6th share, Following is the extract of the Balance Sheet on the date of admission:
Solution:-
X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April 2023, they admit Z as a partner for 1/5th share in profits. On that date, there was a balance of ₹ 1,50,000 in General Reserve and a debit balance of ₹ 20,000 in the Profit & Loss Account of the firm. Pass necessary Journal entries regarding adjustment of reserve and accumulated profit/loss.
Solution:-
Ram and Shyam were partners in a firm sharing profits and losses in the ratio of 2 : 1. Mohan was admitted for 1/3rd share in the profits. On the date of Mohan’s admission, the Balance Sheet of Ram and Shyam showed General Reserve of ₹ 2,50,000 and a credit balance of ₹ 50,000 in Profit & Loss Account. Pass necessary Journal entries on the treatment of these items on Mohan’s admission.
Solution:-
Om and Shiv are partners ina firm sharing profits equally.
Solution:-
At the time of admission of a partner Suresh, assets and liabilities of Ramesh and Naresh were revalued as follows: a) A Provision for Doubtful Debts @ 10% was made on Sundry Debtors (Sundry Debtors ₹ 50,000). b) Creditors were written back by ₹ 5,000. c) Building was appreciated by 20% (Books value of Building ₹ 2,00,000). d) Unrecorded Investments were valued at ₹ 15,000. e) A provision of ₹ 2,000 was made for an Outstanding Bill for repairs. f) Unrecorded Liability towards suppliers was ₹ 3,000. Pass necessary Journal entries.
Solution:-
Ashok and Bhaskar are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Chaman as a partner for 1/4th share of profits. At the time of admission of Chaman, Sundry Debtors and Provision for Doubtful Debts existed at ₹ 76,000 and ₹ 8,000 respectively. ₹ 6,000 of the debtors proved bad. A provision of 5% is to be created on Sundry Debtors for Doubtful debts. Pass the necessary Journal entries.
Solution:-
X and Y are partners sharing profits in the ratio of 3 : 2. They admitted Z as a partner for 1/4th share of profits. At the time of admission of Z, Investments appeared at ₹ 80,000. Half of the investments to be taken by X and Y in their profit sharing at book value. Remaining investments were valued at ₹ 50,000. Pass the necessary Journal entries.
Solution:-