L, M and N are partners sharing profits and losses in equal proportion. On 31st March 2021, their balance sheet was as follows:
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P, Q and R are in partnership sharing profits and losses in the ratio of 5 : 4 : 3. On 31st March 2023, their balance sheet was as follows:
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X and Y are partners sharing profits and losses in the ratio of 4 : 3. Their Balance Sheet as at 31st March, 2021 stood as follows:
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Aman, Bobby and Chandani were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. From 1st April, 2018 they decided to share profits equally. The revaluation of assets and re-assessment of liabilities resulted in a loss of ₹ 5,000
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Asha, Rina and Chahat were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2019 was as follows:
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A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1. From 1st April, 2023 they decided to share future profits and losses equally.
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P, Q and R were partners sharing profits in the ratio of 1 : 3 : 2. Following was their Balance Sheet as at 31st March, 2022:
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A, B and C are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2022 is as under:
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X, Y and Z are partners sharing profits and losses in the ratio of 7 : 5 : 4. Their balance sheet as at 31st March 2021 stood as follows:
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Arun and Varun were in partnership sharing profits in the ratio of 2 : 3. With effect from 1st May 2021 they agreed to share profits in the ratio of 1 : 2. For this purpose the goodwill of the firm is to be valued at two year’s purchase of the average profits of last three years, which were ₹ 1,50,000, ₹ 1,40,000 and ₹ 2,20,000 respectively
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