X and Y are partners in a firm sharing profits and losses in the ratio of 5 : 3. On 31st March, 2024, their Balance Sheet was as under:
Solution:-
Commerce School
Student Community
Archives Answers
Answer
A and B are in partnership sharing profits and losses in the ratio of 3 : 2. On 1st April 2024, they admitted C into partnership. He paid ₹ 50,000 as his capital but nothing for Goodwill which was valued at ₹ 40,000 for the time
Solution:-
Gautam and Rahul are partners in a firm, sharing profits and losses in the ratio of 2 : 3. Their Balance Sheet as at 31st March, 2023, was as follows:
Solution:- Working Notes:-
A and B are in partnership sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet as at 31st Jan;, 2023 was as follows:
Solution:-
X, Y and Z are equal partners with capitals of ₹ 1,50,000, ₹ 1,75,000 and ₹ 2,00,000 respectively. They agree to admit W into equal partnership upon payment in cash of ₹ 1,50,000 for one-fourth share of the goodwill
Solution:- Note:- (i) W comes for 1/4th share equal to the old patners. As old ratio is 1 : 1 : 1, the new ratio would be 1 : 1 : 1 : 1. (ii) In the absence of any…
X and Y are partners. They admit Z as a partner and new profit sharing ratio is agreed at 3 : 2 : 1. Z brings in Capital of ₹ 1,50,000 and ₹ 40,000 as premium for goodwill in Cash
Solution:-
X and Y were partners with capitals of ₹ 4,00,000 and ₹ 3,50,000. They shared profits in the ratio of 3 : 2. On 1st April, 2024, they admitted Z for 1/5th share. On this date their creditors were ₹ 3,20,000 and general reserve ₹ 1,80,000
Solution:- Working Notes:-
X and Y share profits in the ratio of 5 : 3. Their balance sheet as at 31st March, 2024 was as follows:
Solution:- Note:- As only X sacrifices to Z, the premium of goodwill is credited to the partner X.
A and B are partners sharing profits in the ratio of 3 : 1. They admitted C as a partner by giving him 1/4th share of profits which he acquired from A and B in the ratio of 2 : 1. C brings in ₹ 1,00,000 as Capital and ₹ 36,000 as goodwill in cash
Solution:-
Vimal and Nirmal are partners sharing profits in the ratio of 3 : 2. Following was the position of their business as at 31st March, 2024:
Solution:-