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.
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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:-
A, B and C were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2024 was as follows:
Solution:-
Charu and Deepika were partners sharing profits in the ratio of 3 : 2. They admitted Esha, as a new partner and the new ratio is agreed at 4 : 3 : 2. On the date of Esha’s admission, the Balance Sheet of Charu and Deepika disclosed General Reserve ₹ 1,20,000
Solution:-
A and B sharing profits and losses in the ratio of 3 : 2 decide to admit C for 1/3rd share. On this date, their Balance Sheet disclosed the following items:
Solution:-
P and Q were partners sharing profits in the ratio of 2 : 1. On 1st April, 2023, they admitted R as a new partner and the new profit sharing ratio of P, Q and R is agreed at 3 : 1 : 1. R brought in ₹ 2,00,000 as his capital and ₹ 60,000 as his share of premium for goodwill
Solution:-
A, B and C are partners sharing profits in 2 : 2 : 1. On 1st April, 2023, they admitted Z for 1/4th share. On the date of admission, the following items appeared in their Balance Sheet:
Solution:-
X and Y are partners in a firm. On 1st April, 2023, they admitted Z as a partner and new profit sharing ratio is agreed at 3 : 2 : 1. Their Balance Sheet disclosed ‘Workmen Compensation Reserve’ amounting to ₹ 1,00,000 on this date. Show the accounting treatment, if
Solution:-
A and B were partners in a firm sharing profits in the ratio of 7 : 3. On 1-3-2024, they admitted C as a new partner for 1/6th share in the profits of the firm. They fixed the new profit sharing ratio as 3 : 2 : 1
Solution:-