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Varun Sanjeev and Utkarsh were partners …

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Varun Sanjeev and Utkarsh were partners net profit sharing ratio 3 : 2 : 2 on the following terms; Salary of rupees 2,000 per quarter to Varun and Sanjeev Utkarsh was entitled to commission of rupees 8000 Sanjeev was guaranteed a profit of rupees 50,000 per annum The profit of the form for the year ended 31st March 2018 was rupees 150000 which were distributed among Sanjeev and Utkarsh in the ratio of 2:2:1,without taking into consideration the provision of partnership deed pass necessary that assign entry for the following above adjustment in the book of firm.

Posted by Sweta Nath 6 years, 4 months ago

CBSE > Class 12 > Accountancy

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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.

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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Posted by Shashank Shukla 1 year, 4 months ago

CBSE > Class 12 > Accountancy

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Posted by Mahi . 1 year, 4 months ago

CBSE > Class 12 > Accountancy

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Posted by Riya Chandan 1 year, 5 months ago

CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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Posted by Mohd Aman Mansoori 1 year, 5 months ago

CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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Posted by Tanishk Kabra 1 year, 5 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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