A, B, and C were partners. Their fixed Capitals were ₹ 60,000, ₹ 40,000, and ₹ 20,000 respectively. Their profit-sharing ratio was 2 : 2 : 1. According to the Partnership Deed
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Pranav, Karan and Rahim were partners sharing profits in the ratio of 3 : 2 : 1. Their capitals were ₹ 5,00,00, ₹ 3,00,000, and ₹ 2,00,000 respectively
Solution:- Working Notes:- Calculation of Interest on Capitals of the Partners: Pranav’s Interest on Capital:- 5,00,000 ✕ 10% = ₹ 50,000 Karan’s Interest on Capital:- 3,00,000 ✕ 10% = ₹ 30,000 Rahim’s Interest on Capital:- 2,00,000 ✕ 10% =…
On 31st March 2023, after the closing of the accounts, Capital Accounts of P, Q, and R stood in the books of the firm at ₹ 40,000; ₹ 30,000, and ₹ 20,000 respectively
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Mohan, Vijay, and Anil are partners, the balances of their Capital Accounts being ₹ 30,000; ₹ 25,000, and ₹ 20,000 respectively. In arriving at these amounts profit for the year ended 31st March 2023, ₹ 24,000, and been credited to partners in their profit sharing ratio.
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Mudit, Sudhir, and Uday are partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their fixed capital balances are ₹ 4,00,000, ₹ 1,60,000, and ₹ 1,20,000 respectively
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Piya and Bina are partners in a firm sharing profits and losses in the ratio of 3 : 2. Following was the Balance Sheet of the firm as on 31st March 2016:
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Naveen, Qadir, and Rajesh were partners doing an electronic goods business in Uttarakhand. After the accounts of the partnership were drawn up and closed
Solution:- Working Notes:- Working Notes:- Interest on Capital Naveen 4,00,000 × 6% = ₹ 24,000 Qadir 3,60,000 × 6% = ₹ 21,600 Rajesh 2,40,000 × 6% = ₹ 14,400 Salary Naveen 3,500 × 4 = ₹ 14,000 4,000…
Mannu and Shrishti are partners in a firm sharing profits in the ratio of 3 : 2. Following information is of the firm as on 31st March 2023:
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On 31st March 2018, the balances in the Capital Accounts of Abhir, Bobby, and Vineet, after making adjustments for profits and drawings were ₹ 8,00,000, ₹ 6,00,000, and ₹ 4,00,000 respectively.
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On 31st March 2014, the balances in the capital accounts of Saroj, Mahiner, and Umar after making adjustments for profits and drawings, etc., were ₹ 80,000, ₹ 60,000, and ₹ 40,000 respectively. Subsequently, it was discovered that the interest on capital and drawings has been omitted.
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