Lisa, Monika and Nisha were partners in a firm sharing profits & Losses in the ratio of 5 : 3 : 2. On 31st March 2023, their Balance Sheet was as follows:
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Aditi, Bhavya and Cris are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Bhavya retires from the firm on 31st March 2023. For the purpose of Bhavya’s retirement, goodwill of the firm has been valued at ₹ 10,800. Aditi and Cris decide to share future profits equally.
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X, Y and Z are partners in a firm sharing profits in the ratio of 2 : 2 : 1 respectively. Y retires and X and Z decide to share future profit & Losses in the ratio of 3 : 5.
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Jaspal and Rosy are partners in a firm sharing profits and losses in the ratio of 2 : 1. Following is their Balance sheet as at 1st April, 2023:
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Yogesh, Mahesh and Ashish are partners sharing profits and losses in the ratio of 1 : 2 : 3. Nirdosh is admitted as a partner who brings ₹ 50,000 as his capital for 1/5th share in the profit
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Abek and Aman are partners sharing profits and losses in the ratio of 3 : 1. They admit Anand as partner who pays ₹ 30,000 as capital. Anand is to bring cash for his share of goodwill.
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Vidya and Jyoti sharing profits equally admit Kalam for 1/5th share in profits. Kalam pays ₹ 50,000 for goodwill out of his share of ₹ 90,000. Goodwill exists in the Balance Sheet at ₹ 1,60,000. Pass Journal entries.
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Balance Sheet as at 31st March, 2023 of Sonam and Shilpa sharing profits in the ratio of 3 : 2 was:
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Amar, Akash and Arvind are partners. on the retirement of Akash, Workmen Compensation Reserve has a balance of ₹ 1,50,000. There is a claim of ₹ 37,500 against it. How much amount will be transferred to Akash’s Capital in respect of Workmen Compensation Reserve? a) Nil
Ans – b) Solution:- Workmen Compensation Reserve after claim = 1,50,000 – 37,500 = ₹ 1,12,500 Akash’share in WCR = 1,12,500 × 1/3 = ₹ 37,500
Assertion (A): Admission of a partner means reconstitution of the partnership whereby old partners ceases to exist and new partnership comes into existence
Ans – a) Explanation:- When a new partner admitted into the firm. the partnership agreement among old partners ends and new agreement is prepared with new patners with new profit sharing ratio. In this whole process, the partnership firm comes…