X, Y and Z were in partnership sharing profits and losses in the ratio of 7 : 2 : 1 and the Balance Sheet of the firm stood on 31st March, 2024, as under
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A, B and C sharing profits in the proportion of 3 : 2 : 1 agreed upon dissolution of their partnership firm on 31st March, 2024 on which date their balance sheet was as under:
Solution:- Notes:- (1) C’s Current A/c appears on the assets side, which means that is has a debit balance. As such, it will be transferred to the Debit Side of C’s Capital Account. (2) Accrued income will not be realised.
Following is the Balance Sheet of Deepak and Jyoti, who were sharing profit and losses in the ratio of 3 : 2, as at March 31, 2024
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X, Y and Z entered into partnership on 1st October 2021 sharing profits and losses in the proportions of 4 : 3 : 2, respectively, and with capitals of ₹ 30,000, ₹ 20,000 and ₹ 10,000
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On 1st April, 2023, A, B and C commenced business in partnership sharing profit and losses in proportion of 1/2, 1/3 and 1/6 respectively. They paid into their Bank A/c as their capital ₹ 22,000 being ₹ 10,000 by A, ₹ 7,000 by B and ₹ 5,000 by C
Solution:- Working Notes:-
Ashok and Kishore were in partnership sharing profits in the ratio of 3 : 1. They agreed to dissolve the firm. The assets (other than cash of ₹ 2,000) of the firm realised ₹ 1,10,000
Solution:- Working Notes:-
A, B and C are in partnership sharing in 4 : 3 : 3. They decided to dissolve the partnership firm. At the date of dissolution their creditors amounted to ₹ 16,800
Solution:- Working Notes:-
Sita and Gita were partners sharing profits and losses in the ratio of 4 : 5. They dissolved their partnership on 31st March, 2021, when their Balance Sheet showed the following balances
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Raman and Richa were partners in a firm sharing profits in the ratio of 7 : 3. On 31.3.2024 the Balance Sheet of the firm was as follows:
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Following is the Balance Sheet of Ramji Lal and Panna Lal as at 31st March, 2024:
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