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Why it is necessary to reveal …

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Why it is necessary to reveal assets and liabilities of a firm in case of admission of a partner

Posted by Pramod Madhukar 6 years, 11 months ago

CBSE > Class 12 > Accountancy

1 answers

Deepika Rose 6 years, 11 months ago

Because at the admission of a partner the profit & loss will be happen in the assets & liabilities. At market value of assets & liabilities changes so, it is necessary to reveal the assets & liabilities at the admission of a partner . The profit and loss on the revaluation will be distribute among old partners in old ratio

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Ativ, Meha and Nupur were partners in a firm sharing profits and losses in the ratio of 5 : 3:2. On 31-03-2016 their Balance sheet was as under: Liabilities Amount (T) Assets Amount (R) | Trade Creditors 26,500 Bank 23.500 Debtors 1,00,000 Stock 50,000 Fixed Assets 40,000 Advertisement Expenditure 25,000 Employees Provident Fund Ativ's Capital Meha's Capital 30,000 55,000 1,20,000 Nupur's Capital 10,000 2,40,000 2,40,000 Ativ retired on 1-4-2016. For this purpose, the following adjustments were agreed upon: (i) Goodwill of the firm was to be valued at 2 years purchase of the average profits of 3 completed years preceding the date of retirement. The profit for previous years were: 2013-14 55,000; 2014-15 7 65,000; 2015-16 7 60,000.

Posted by Munni Lal 1 year, 5 months ago

CBSE > Class 12 > Accountancy

0 answers

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Posted by Palak Sharma 1 year, 4 months ago

CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

0 answers

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Posted by Shashank Shukla 1 year, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

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Posted by Mahi . 1 year, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

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Posted by Tanishk Kabra 1 year, 5 months ago

CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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