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Answer

Anuj, Karan and Arjun are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit Sahil as partner and share future profits and losses in the ratio of 3 : 3 : 3 : 1, with effect from 1st April, 2023. An extract of their Balance Sheet as at 31st March, 2023 is:

Solution:-

Anurag Pathak
July 12, 2023

Pronoy, Jagjit and Sachin are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They admit Rajdeep as a partner and share future profits and losses equally with effect from 1st April, 2023. An extract of their Balance Sheet as at 31st March, 2023 is:

Solution:-

Anurag Pathak
July 12, 2023

Give the Journal entry to distribute ‘Investment Fluctuation Reserve’ of ₹ 24,000 at the time of admission of Manbir, when Investment (Market Value ₹ 1,10,000) exists at ₹ 1,20,000. The firm has two partners Sunil and Avdesh.

Solution:-

Anurag Pathak
July 12, 2023

Ben, Broad and Moin are partners sharing profit and losses in the ratio of 5 : 3 : 2. They admit Rashid for 1/6th share. Following items appear in the Balance Sheet on the date of admission:

Solution:-

Anurag Pathak
July 12, 2023

Shabir and Jiwan are partners in a firm sharing profits and losses in the ratio of 3 : 2. Joy was admitted for 1/3rd share in the profits.

Solution:-

Anurag Pathak
July 12, 2023

Mahesh and Rajesh are partners sharing profits in the ratio of 2 : 1. Their Balance sheet as at 31st March, 2023 was as under:

Solution:-

Anurag Pathak
July 11, 2023

Jannat and Mannat are partners in a firm. They share profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as under:

Solution:-

Anurag Pathak
July 11, 2023

Anmol and Basu were partners sharing profits equally. Their Balance sheet as at 31st March, 2023 was as follows:

Solution:-

Anurag Pathak
July 11, 2023

Following was the Balance Sheet of X and Y who were sharing profit 2/3rd and 1/3rd as at 31st March, 2023:

Solution:-

Anurag Pathak
July 11, 2023

At the time of admission of partner Dass, the assets and liabilities of Karam and Dharam were revalued and following changes were made:

Solution:-

Anurag Pathak
July 11, 2023