Category [CBSE] TS Grewal Solutions [CBSE] TS Grewal Solutions 803 Questions 10 Sub Categories[CBSE] Admission of Partner(141)[CBSE] Death of Partner(41)[CBSE] Dissolution of Partner(55)[CBSE] Fundamentals of Partnership Firm(234)[CBSE] Issue of Debenture(58) Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans A, B and C were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 25th February 2019, B died, B’s share of profit till the date of his death was calculated at ₹ 5,000. Pass the necessary Journal entry for the same in the books of the firm. 3.26K viewsAnurag Pathak Changed status to publish July 26, 2023[CBSE] Death of Partner[CBSE] TS Grewal Solutions 0 Votes 1 Ans Anil, Sunil and Hari were partners sharing profits equally. Suni died on 31st December 2022. In terms of the partnership deed, accounts were prepared for the period ended 31st December 2022 and net profit was determined at ₹ 6,00,000. Pass the Journal entry for the profit share of the partners. 3.51K viewsAnurag Pathak Changed status to publish July 25, 2023[CBSE] Death of Partner[CBSE] TS Grewal Solutions 0 Votes 1 Ans Dinkar, Navita and Vani were partners sharing profits and losses in the ratio of 3 : 2 : 1. 3.51K viewsAnurag Pathak Changed status to publish July 25, 2023[CBSE] Death of Partner[CBSE] TS Grewal Solutions 0 Votes 1 Ans P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided in the partnership deed that on the death of any partner his share of goodwill is to be valued at one half of the net profit credited to his account during the last four completed years. 3.76K viewsAnurag Pathak Changed status to publish July 25, 2023[CBSE] Death of Partner[CBSE] TS Grewal Solutions 0 Votes 1 Ans Keshav, Nirmal, and Pankaj are partners sharing profits in the ratio of 5 : 3 : 2. Pankaj died and his share is taken by Keshav. Calculate the new profit-sharing ratio of Keshav and Nirmal. 3.57K viewsAnurag Pathak Changed status to publish July 25, 2023[CBSE] Death of Partner[CBSE] TS Grewal Solutions 0 Votes 1 Ans W, X, Y and Z are partners sharing profits and losses in the ratio of 1/3, 1/6, 1/3 and 1/6 respectively. Y died and W, X and Z decide to share the profits and losses equally in future. Calculate gaining ratio. 1.46K viewsAnurag Pathak Changed status to publish July 25, 2023[CBSE] Death of Partner[CBSE] TS Grewal Solutions 0 Votes 1 Ans A, B and C were partners sharing profits in the ratio of 4 : 3 : 2. A died, B and C will share profits in the ratio of 2 : 1. Determine the gaining ratio. 3.02K viewsAnurag Pathak Changed status to publish July 25, 2023[CBSE] Death of Partner[CBSE] TS Grewal Solutions 0 Votes 1 Ans Shiv, Mohan and Hari were partners in a firm sharing profits in the ratio of 5 : 5 : 4. Mohan died and his share was taken equally by Shiv and Hari. 1.16K viewsAnurag Pathak Changed status to publish July 25, 2023[CBSE] Death of Partner[CBSE] TS Grewal Solutions 0 Votes 1 Ans Om, Ram, and Shanti were partners sharing profits in the ratio of 1/2, 2/5, and 1/10. Find the new profit-sharing ratio of the remaining partners if Shanti dies. 3.85K viewsAnurag Pathak Changed status to publish July 25, 2023[CBSE] Death of Partner[CBSE] TS Grewal Solutions 0 Votes 1 Ans Kabir, Zoravar, and Parul are partners sharing profits in the ratio of 5 : 3 : 2. Their capitals as on 1st April 2022 were: Kabir – ₹ 5,20,000, Zoravar – ₹ 3,20,000 and Parul – ₹ 2,00,000. 7.99K viewsAnurag Pathak Changed status to publish July 16, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Assertion (A): Admission of a partner means reconstitution of the partnership whereby old partners ceases to exist and new partnership comes into existence 1.25K viewsAnurag Pathak Changed status to publish July 3, 2023[CBSE] TS Grewal Solutions 0 Votes 1 Ans Sushil and Satish are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as follows: 7.05K viewsAnurag Pathak Changed status to publish June 25, 2023[CBSE] Admission of Partner[CBSE] TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Amit, Bunty and Charan are partners sharing profits and losses in the ratio of 2 : 2 : 1. Charan retired on 30th June, 2023. The Balance Sheet of the firm on 31st March, 2023 was as follows: 5.44K viewsAnurag Pathak Changed status to publish June 25, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Yogesh, Naresh and Pavesh were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Naresh retired on 1st October, 2022. In terms of the Partnership Deed, financial statements were prepared as on date of retirement and profit was determined as ₹ 7,20,000. a) Pass the Journal entries for distribution of profit for the period. b) Pass the Journal entries if loss of ₹ 3,60,000 was incurred. 3.33K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Amar, Bhuvi and Charan were partners in a firm sharing profits equally. Bhuvi retired on 30th September, 2022. Profit or loss till the date of retirement was to be estimated based on last year’s profit. Loss for the year ended 31st March, 2022 was ₹ 1,80,000. Calculate Bhuvi’s share of loss till her retirement and pass Journal entry/entries for the same when: i) The profit sharing ratio between Amar and Charan does not change; and ii) The new profit sharing ratio between Amar and Charan changes to 3 : 2. 3.30K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Amrit, Bhanu and Charu were partners in a firm sharing profits equally. Bhanu retired on 30th September, 2022. Profit till the date of retirement was to be estimated based on last year’s profit. Profit for the year ended 31st March, 2022, was ₹ 3,60,000. Calculate Bhanu’s share of profit till his retirement and pass Journal entry/entries for the same when: i) The profit sharing ratio between Amrit and Charu does not change; and ii) The new profit sharing ratio between Amrit and Charu changes to 3 : 2. [Ans.: i) Dr Profit & Loss Suspense A/c by ₹ 60,000 and Cr. Bhanu’s Capital A/c by ₹ 60,000. ii) Dr. Amrit’s Capital A/c by ₹ 48,000 and Charu’s Capital A/c by ₹ 12,000; Cr. Bhanu’s Capital A/c by ₹ 60,000.] 3.87K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans The Balance Sheet of Asha, Deepa and Lata who were sharing profits in the ratio of 5 : 3 : 2 as at 31st March, 2023 is as follows: 7.68K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Sushil, Satish and Samir are partners sharing profits in the ratio of 5 : 3 : 2. Satish retires on 1st April, 2023 from the firm, on which date capitals of Sushil, Satish and Samir after all adjustments are ₹ 1,03,680, ₹ 87,840 and ₹ 26,880 respectively. The Cash and Bank Balance on that date was ₹ 9,600. Satish is to be paid through amount brought by Sushil and Samir in such a way as to make their capitals proportionate to their new profit sharing ratio which will be Sushil 3/5 and Samir 2/5. Calculate the amount to be paid or to be brought by the continuing partners if minimum Cash and Bank balance of ₹ 7,200 was to be maintained and pass the necessary Journal entries. [Ans.: Sushil and Samir will bring ₹ 25,920 and ₹ 59,520 respectively] 5.34K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Balance Sheet of X, Y and Z who shared profits in the ratio of 5 : 3 : 2, as on 31st March, 2023 was as follows: 6.29K viewsAnurag Pathak Changed status to publish June 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans N, S and B were partners in a firm sharing profits and losses in proportion of 1/2, 1/6 and 1/3 respectively. The Balance Sheet of the firm as at 31st March, 2017 was as follows: 6.03K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z were in partnership sharing profits in proportion to their capitals. Their Balance Sheet as on 31st March, 2018 was as follows: 6.35K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans On 31st March, 2023, the Balance Sheet of A, B and C who were sharing profits and losses in proportion to their capitals stood as: 5.55K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Lisa, Monika and Nisha were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2019, their Balance Sheet was as follows: 7.36K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 1st April, 2009, Y retires from the firm. X and Z agree that the capital of the new firm shall be fixed at ₹ 2,10,000 in the profit sharing ratio. The Capital Accounts of X and Z after all adjustments on the date of retirement showed balance of ₹ 1,45,000 and ₹ 63,000 respectively. State the amount of actual cash to be brought in or to be paid to the partners. [Ans.: New Capitals: X – ₹ 1,57,000; Z – ₹ 52,500: Cash brought in by X – ₹ 12,500; Cash withdrawn by Z – ₹ 10,500.] 3.12K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Harish, Paresh and Mahesh were three partners sharing profits and losses in the ratio of 5 : 4 : 1. Paresh retired on 31st March, 2022. His capital as on 1st April, 2021, was ₹ 80,000. During the year 2021-22, he withdrew ₹ 5,000. He was to be charged interest of ₹ 100 on drawings. The Partnership Deed provides that on the retirement of a partner, he will be entitled to: i) His share of capital. ii) Interest on capital @ 10% per annum. iii) His share of profit in the year of retirement. iv) His share of goodwill of the firm. v) His share in the profit/loss on revaluation of assets and liabilities. Additional Information: a) Paresh’s share in the profit of the firm for the year 2021-22 was ₹ 20,000. b) Goodwill of the firm was valued at ₹ 24,000. c) The firm incurred loss of ₹ 12,000 on the revaluation of assets and liabilities. d) Paresh was to be paid ₹ 7,700 in cash and the balance was to be transferred to his loan account bearing interest @ 6% p.a. Loan was to be repaid in two equal annual installments, the first installment to be paid on 31st March 2023. You are required to prepare: (i) Paresh’s Capital Account. (ii) Paresh’s Loan Account till it is finally closed. [Ans.: Paresh’s Loan – ₹ 1,00,000] 6.14K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner « Previous 1 2 … 22 23 24 25 26 … 40 41 Next » Question and answer is powered by anspress.net
