Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Reema and Sahil are partners sharing profits in the ratio of 3 : 2. Gauarv is admitted as a partner. The new profit sharing ratio among them is 4 : 3 : 2. Calculate the sacrificing ratio. 1.78K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Raman and Kamran are partners sharing profits in the ratio of 3 : 2. Darpan is admitted to the partnership for 1/5th share in future profits. Calculate new profit sharing ratio and the sacrificing ratio. 1.79K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Aman, Burman and Chaman are partners sharing profits in the ratio of 4 : 3 : 2. Devan is admitted for 1/3rd share in future profits. What is sacrificing ratio? 3.10K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Find new profit sharing ratio: i) Kishore, Lata and Asha are partners sharing profits and losses in the ratio of 2/6 : 3/6 : 1/6. They admit Bhappi for 1/6th share. Asha is to retain her original share. ii) Akhil, Nikhil and Adil are partners sharing profits and losses in the ratio of 3 : 2 : 5. They admit Debu and give him 1/5th share. This share is contributed by them in the ratio of 1 : 1 : 3. 2.15K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Bharati and Astha were partners sharing profits in the ratio of 3 : 2. They admitted Dinkar as a new partner for 1/5th share in future profits of the firm, which he got equally from Bharati and Astha. Calculate the new profit sharing ratio of Bharati, Astha and Dinkar. 848 viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Red and White are two partners sharing profits and losses equally. They admit Black as a new partner for 25% share. In future, profit-sharing ratio between Red and White will be 3 : 2. Determine new profit sharing ratio. 2.34K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Amrit and Amar were partners sharing profits in the ratio of 3 : 2. They admitted Amit and Anita as new partners. Amrit surrendered 1/3rd of his share in favour of Amit and Amar surrendered 1/4th of his share in favour of Anita. Calculate new profit sharing ratio of Amrit, Amar, Amit and Anita. 2.69K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Lalit and Mukesh sharing profits in the ratio of 7 : 3 admit Ashok for 3/7th share in the firm which he gets 2/7th from Lalit and 1/7th from Mukesh. Calculate new profit sharing ratio. 1.44K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 0 Votes 1 Ans Vimal and Nirmal are partners sharing profits in the ratio of 3 : 2. Anita is admitted for 1/5th share in the profits. Calculate new profit sharing ratio of the partners. 1.43K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner[ISC} TS Grewal SolutionsAccountancy Class 12th 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: 6.69K 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: 5.04K 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. 3.14K 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. 3.15K 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.] 3.66K 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: 7.12K 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] 4.98K 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: 5.81K 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: 5.46K 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: 5.83K 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: 5.21K 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: 6.86K 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.] 2.92K 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] 5.71K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Rakesh retired from the firm. The amount due to his was determined at ₹ 90,000. It was decided to pay the due amount as follows: On the date of retirement – ₹ 30,000 Balance in three yearly instalments – First two instalments being of ₹ 26,000, including interest; and Balance amount as last instalment. Interest was payable @ 10% p.a. Prepare Retiring Partner’s Loan Account. [Ans.: Interest payable at the end ofyear 1 – ₹ 6,000; Year 2 – ₹ 4,000; Year 3 – ₹ 1,800; Last instalment – ₹ 19,800.] 4.58K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Kanika, Disha and Kabir were partners sharing profits in the ratio of 2 : 1 : 1. On 31st March, 2016, their Balance Sheet was as under: 5.26K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner « Previous 1 2 … 140 141 142 143 144 … 161 162 Next » Question and answer is powered by anspress.net
