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Kim and Jim are partners in a firm sharing profits in the ratio of 3 ratio 2 with effect from first April 2023 did decided to share future profits in the ratio of 1 ratio 2 Goodwill of the firm was valued on that date at 90000 adjustment entry was

Posted by Uday Pratap 4 months, 3 weeks 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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CBSE > Class 12 > Accountancy

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Sharma and varma were partners in a firm sharing profits in the ratio of 4:1. Their capitals on 1.04.2006 were sharma ₹500000 and verma ₹ 100000. The partnership deed provided that sharma will get a commission of 10% on the profit after allowing a salary ₹5000 to verma. The profit of the firm for the year ended 31st March 2007 was ₹280000.

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CBSE > Class 12 > Accountancy

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Assertion (A): A firm is reconstituted in the event of change in the profit sharing ratio among existing partners, admission of a partner, retirement of a partner and death of a partner. Reason (R): Reconstitution of the firm leads to change in profit-sharing ratio among the partners.

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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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CBSE > Class 12 > Accountancy

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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.

Posted by Prachi Yadav 1 week, 2 days ago

CBSE > Class 12 > Accountancy