A, B, C and D are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1 : 1. They decided to share future profits and losses in the ratio of 3 : 2 : 2 : 3. For this purpose goodwill of the firm valued at ₹ 1,50,000
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X Y and Z were sharing profits and losses in the ratio of 5 : 3 : 2. They decided to share future profits and losses in the ratio of 2 : 3 : 5 with effect from 1.4.2022. They decided to record the effect of the following, without effecting their book values
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A, B and C are partners sharing profits equally. From 1st April, 2022, they decided to share profits in the ratio of 3 : 4 : 5. On that date, Profit and Loss Account showed a credit balance of ₹ 90,000
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P, Q and R are partners in a firm sharing profits in the ratio of 2 : 2 : 1. On March 31, 2024, their Balance Sheet showed a general reserve of ₹ 3,00,000. On that date they decided to share future profits equally
Solution:- In the absence of any information and if partners want to distribute the general reserve, it is credited to partners in the old profit sharing ratio.
Samiksha, Ash and Divya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April, 2019, they agreed to share future profits and losses in the ratio of 2 : 5 : 3
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A, B and C sharing profits and losses in the ratio of 4 : 3 : 2, decide to share profits and losses in the ratio of 2 : 3 : 4 with effect from 1st April, 2024. Following is an extract of their Balance Sheet as at 31st March, 2024
Solution:- In the absence of no fluctuation in Investment, the investment fluctuation reserve is credited to partners in old ratio. In the absence of no fluctuation in Investment, the investment fluctuation reserve is credited to partners in old ratio. The…
P, Q and R were partners in a firm sharing profits in the ratio of 1 : 1 : 2. On 31st March, 2018, their balance sheet showed a debit balance of ₹ 9,000 in the profit and loss account and a Workmen Compensation Reserve of ₹ 64,000
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A and B sharing profits and losses in the ratio of 2 : 3 decide to share future profits and losses equally with effect from 1st April, 2024. An extract of their Balance Sheet as at 31st March, 2024 is as follows
Solution:- In the absence of further information Workmen Compensation Reserve is credited to the partners in their old profit sharing ratio. In the absence of further information Workmen Compensation Reserve is credited to the partners in their old profit sharing…
A, B and C are partners sharing profits and losses in the ratio of 1 : 2 : 3. From April 1, 2024, they decided to share the profits in the ratio of 2 : 3 : 4
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A and B are partners in a firm sharing profits in the ratio of 3 : 2. They decided to share profits in the ratio of 3 : 4 w.e.f., April 1, 2024. On that date there was a credit balance of ₹ 70,000 in their profit and Loss Account
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