neha and preeti are two partners …

neha and preeti are two partners who share profits and losses equally had following balance sheet as at 31 march 2015. they had decided to admit chandra in partnership as equal partner on that date. cbse sample papers for class 12 accountancy paper 3 16a for the purpose of admission, the following conditions agreed. (i) assets and liabilities shall be revalued as follows: (a) investments at rs 17,500. (b) reserve to be doubtful debts increased to rs 1,750. (c) stock to be valued at 8,000. (d) machinery depreciated by 5%. (e) there is an old furniture worth 1,200 to be brought into books and was taken over by partners in old profit sharing ratio. (ii) goodwill of the firm is valued at 22,500. (iii) chandra has agreed to bring 50,000 as his capital in addition to goodwill. (iv) the capital account have to be adjusted on the basis of chandra’s capital formation through current accounts. prepare revaluation a/c; capital a/c of partners and balance sheet of firm after chandra’s admission.

(Interest on capital when closing capital is given) A and B are partners sharing profits and losses in the ratio 4: 3. Their capital on 31st December, 2022 were 3,00,000 and 2,00,000 respectively. During the year, their drawings were 50,000 each. The firm earned profit amounting to 70,000 for the year ending 31st December, 2021. Later on they decided that interest on their capital be charged at 10% p.a. Compute interest on Capital.

Dev with true rupees 10 10000 on 15th day of every month interest on drawing was be changed a 12% per annum calculate interest on their string

This content has been hidden. One or more users have flagged this content as inappropriate. Once content is flagged, it is hidden from users and is reviewed by myCBSEguide team against our Community Guidelines. If content is found in violation, the user posting this content will be banned for 30 days from using Homework help section. Suspended users will receive error while adding question or answer. Question comments have also been disabled. Read community guidelines at https://mycbseguide.com/community-guidelines.html

Few rules to keep homework help section safe, clean and informative.

• Don't post personal information, mobile numbers and other details.
• Don't use this platform for chatting, social networking and making friends. This platform is meant only for asking subject specific and study related questions.
• Be nice and polite and avoid rude and abusive language. Avoid inappropriate language and attention, vulgar terms and anything sexually suggestive. Avoid harassment and bullying.
• Ask specific question which are clear and concise.

Remember the goal of this website is to share knowledge and learn from each other. Ask questions and help others by answering questions.

ABC aur partners having profit equally b is guaranteeng minimum profit of the 2 lakhs per annum salary is payable to be of 10000 per month net profit for the year ending 31st March 2024 is 660000

Tom and Josh are partners in a firm sharing profits and losses in the ratio of 3 1. They admed Max as a new partner 1/10th share in the profits and losses. Max contributes the following assets to his capital and his share for goodwill: Sma a0,000 Land and Building 3,00,000, Plant and Machinery 2,60,000, Capital 74,00,000. Record the journal entries in the books of the firm on Max's admission. necesey

Radha and rukmani are partners in a firm with fixed capitals of rs 200000 and 300000 respectively

Sita and Geeta are partners in a firm sharing profits in the ratio of 3:2 They had given a loan to a firm for 30000 in their profit sharing ratio 1st October 2021The partnership deed is silent on interest on loan from partner compute interest payable by the firm to the partner assuming the firm closer it's book every year on 31 March

Dev withdrew rs.10000 of 15th day of every month.

Chapter 1 solution

Madhuri and Arsh were partners in a firm sharing profits and Their Balance Sheet as at 31 ^ (st) * M * a * r * c * h 2019, was as follows: losses in the ratio of 3: 1. Balance Sheet of Madhuri and Arsh As on 31 ^ (st) March, 2019 4 Assets Amount (3) Liabilities Amount () 4,70,000 1,10,000 Capital Madhuri Arsh 1,20,000 2,00.000 Machinery Investments 5,00,000 Debtors Less: Provision for doubtful 60,000 debts Workmen's Compensation Fund (10,000) 1,10,000 Creditors Employees' Provident Fund 1,90,000 Stock 1,10,000 8,60,000 Cash 1,40,000 30,000 8,60,000 On 1 ^ (st) April, 2019, they admitted Jyoti into partnership for 1 / (4 ^ (th)) share in the profits of the firm. Jyoti brought proportionate capital and 40,000 as her share of goodwill premium. The following terms were agreed upon; (i) Provision for doubtful debts was to be maintained at 10% on debtors. (ii) Stock was undervalued by 10,000. (iii) An old customer whose account was written off as bad, paid 15,000.. (iv) 20% of the investments were taken over by Arsh at book value. (v) Claim on account of workmen's compensation amounted to 70,000. (vi) Creditors included a sum of 27,000 which was not likely to be claimed. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm