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Vikas and Vivek were partners in …

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Vikas and Vivek were partners in a firm sharing profits in the ratio of 3:2. On 1st April 2017, they admitted Vandana as a new partner for 1/8th share in the profits with a guaranteed profit of 1,50,000 The new profit- sharing ratio between Vikas and Vivek will remain same but they decided to bear any deficiency on account of guarantee to Vandana in the ratio 3:2. The profit of the firm for the year ended 31st March 2013 was 9.00.000 Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the year ended 31st March, 2018

Posted by Aashutosh Tiwari 6 years, 9 months ago

CBSE > Class 12 > Accountancy

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Rao and Majumdar are partners sharing profits and losses in the ratio of 3: 2. Rao died on 31st December, 2020. The following was the Balance Sheet on that date: Payment to Executors in Instalments Liabilities Amount Assets Amount ed on 281 Creditors Reserve Rao's Capital Majumdar's Capital 24,000 Cash at Bank 15,000 Stock 18,000 40,000 Amount 18,000 25,000 Debtors Furniture 20,000 35,000 The share of Rao in firm's goodwill was agreed at 36,000. Assets and liabilities were valued reasonably. Assuming that 10,000 was paid immediately on January 1, 2021 and the balance was payable in three equal instalments on 31st December every year and interest was payable @ 12% per annum on unpaid balance. Prepare Rao's Executor's Account.

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CBSE > Class 12 > Accountancy

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Q. 46. Ayushi and Shristhi are partners sharing profits in 3 : 2. Their Balance Sheet showed Stock at ₹3,10,000; Machinery at ₹4,95,000; Debtors at ₹6,00,000; Creditors at ₹3,47,000. They admit Tina as a partner and new profit sharing ratio is agreed at 4: 3: 2. Following terms were agreed : (1) Machinery is overvalued by 10%. (ii) Unrecorded debtors of ₹20,000 be brought into books and provision for doubtful debts be created at 10%. (iii) Creditors of ₹27,000 are not likely to be paid. Shristhi's share in loss on revaluation amounted to ₹36,000. You are required to calculate the revalued value of stock

Posted by Shashank Shukla 1 year, 4 months ago

CBSE > Class 12 > Accountancy

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Posted by Annu Sahani 1 year, 5 months ago

CBSE > Class 12 > Accountancy

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Posted by Munni Lal 1 year, 5 months ago

CBSE > Class 12 > Accountancy

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Posted by Srishti Arya 1 year, 2 months ago

CBSE > Class 12 > Accountancy

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