A business earned an average profit of ₹ 1,80,000 during the last few years. Average capital employed by the firm is ₹ 12,50,000. If goodwill of the firm is valued at ₹ 1,60,000
Solution:-
Commerce School
Student Community
Archives Answers
Answer
From the information given below, find the average profits of the partnership firm of Sudhir and Sana:
Solution:-
A and B were partners in a firm sharing profits equally. Their capitals were: A – ₹ 1,20,000 and B – ₹ 80,000. The annual rate of interest is 20%. Profits of the firm for the last three years were ₹ 34,000; ₹ 38,000 and ₹ 30,000
Solution:
Mahi, Virat and Ishant are partners in Sports goods business sharing profits and losses in the ratio of 2 : 2 : 1. Ishant is guaranteed profit of ₹ 5,00,000 per annum by Mahi and Virat
Solution:-
Anil and Sunil are partners sharing profits and losses in the ratio of 3 : 1. On 1st April 2023, their capitals were: Anil ₹ 1,50,000 and Sunil ₹ 90,000
Solution:-
Nihar and Ashish started business on 1st April, 2023 with fixed capitals of ₹ 5,00,000 each. On 1st October, 2023, they decided that total fixed capital of the firm ₹ 15,00,000 should be in their profit sharing ratio of 4 : 1
Solution:-
Tara and Mira are in partnership sharing profits in the ratio of 3 : 2. According to the Partnership Deed, Tara is to get salary of ₹ 10,000 per month
Solution:-
Amrit and Kamal started business on 1st April, 2023 with capitals of ₹ 10,00,000 and ₹ 5,00,000 respectively. Kamal withdrew ₹ 12,000 in the middle of each month
Solution:-
Firoz and Asim started business on 1st June, 2023 with capitals of ₹ 5,00,000 and ₹ 2,50,000 respectively. Firoz withdrew ₹ 12,000 at the end of each month
Solution:- Note:- As the partnership firm started on 1st June, there are only 10 drawings made by Firoz up to 31st March. Calculation of Average Months. Months remaining after 1st Drawings (after 30th June) + Months remaining after last drawing…
Pawan and Param started business on 1st July, 2023 with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. Pawan withdrew ₹ 18,000 per quarter at the end
Solution:- Note:- As the partnership starts on 1st July. there are only 3 quarters up to 31st March. 1st July – 30th September 1st October – 31st December 1st January – 31st March The average Months Period would be Months…