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P,Q,R were sharing profits and losses …

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P,Q,R were sharing profits and losses in the ratio 5:3:2.They decided to share profits and losses equally,with effect from 1st april2023 they decided to record the effect of the following without effecting their book values (1)profit and loss A/c(dr.) Rs.40000 2.advertisement suspense a/c Rs.20000

Posted by Nitesha Agarwal 11 months, 2 weeks 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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CBSE > Class 12 > Accountancy

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Posted by Mahi . 4 months ago

CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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Posted by Annu Sahani 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.]

Posted by Srishti Arya 1 month, 2 weeks ago

CBSE > Class 12 > Accountancy

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Posted by Riya Chandan 4 months ago

CBSE > Class 12 > Accountancy

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Posted by Palak Kumari 3 months, 4 weeks ago

CBSE > Class 12 > Accountancy

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Posted by Tanishk Kabra 4 months, 1 week ago

CBSE > Class 12 > Accountancy

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