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And Lata partner sharing profits the ratio in the ratio of 1:2 asha is entilled to a salary of 2 lakh pa in a commission of 8% of net profit before charging any commission letter is entilled to a commission 8% of net profit after changing her commission net profit for the year ended 31st March 2021 to the 5 lakh 40000 prepare a profit and loss and account

Posted by Yatharth Sharma 2 years, 7 months ago

CBSE > Class 12 > Accountancy

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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.

Posted by Munni Lal 4 months, 1 week ago

CBSE > Class 12 > Accountancy

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Q. 120. Risha and Nisha were partners. The partnership deed provides: (1) That the accounts be balanced on 31st December each year. (ii) The profits be divided as follows: Risha one-half, Nisha one-third and carried to Reserve account one-sixth. (ii) That in the event of death of a partner, her executor will be entitled to the following: (a) The capital to her credit at the date of death. (b) Her proportion of profit to date of death based on the average profits of the last three completed years. (c) Her share of goodwill based on three year's purchase of the average profits for the three preceding completed years. On 31st December, 2020 the Trial Balance was as under: Particulars Risha's Capital Nisha's Capital Reserves Bills Receivables Investments Cash Creditors Dr. (3) Cr. (3) 90,000 60,000 30,000 50,000 40,000 1,10,000 20,000 2,00,000 2,00,000 The profits for the three years were: 2018 ₹4,200; 2019 ₹3,900 and 2020 ₹4,500. Nisha died on 31st May, 2021. Draw up the deceased Partner's Capital A/c and Executor's A/c. Ans. Balance due to Nisha's Executor's ₹77,740.]

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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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The capital of the firm of anuj and benu is , 100000 and the market rate of interest is 15% . Annual salary to the partner is 60000 each. The profit for the last three years were , 300000 ,360000 , 420000. Goodwill of the firm is to be valued on the basis of two years purchase of last three years average super profit

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CBSE > Class 12 > Accountancy

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Posted by Palak Sharma 4 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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Posted by Palak Kumari 3 months, 3 weeks ago

CBSE > Class 12 > Accountancy

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