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On 1st April, 2015 X, y …

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On 1st April, 2015 X, y and X started a business in partnership. X contribute rupees 90,000 at first but withdraws rupees 30,000at the end of six months. Y introduces rupees 75,000 at first and increases it to rupees 90,000 at the end of four months, but withdraws it by rupee 60,000 at end of seven months. During the year ended 31st March 2016, they make a net profit of rupees 42,000. Show how the partners should divided this amount on the basis of effective capital employed by each partner.

Posted by Sushant Kamboz. 1 week, 4 days ago

CBSE > Class 12 > Accountancy

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Posted by Chhavi Jain 6 days, 16 hours ago

CBSE > Class 12 > Accountancy

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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

Posted by Pozhil Veer 2 weeks, 3 days ago

CBSE > Class 12 > Accountancy

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Pooja and Archna are parmas in a finn sharing profits and losses 1. Their capital accounts as en 1st April, 2017 stand at 70,000 ratio of 2 respectively. The partners the partners during s are allowed muret in capital @ 10% the year ended 31st March, 2018 amounted to p.a. The respectively. Interest is charged on drawings at the tale of 10% p.a. and t 1st December 1st February Interest on drawings is charged @ of A for the year ended 31st March, 20 [Ans. Interest on Drawings ₹221. Q. 22 (A). Gopal is a partner in a dras first day of every month during th If interest on drawings is c drawings of Gopal. 4,800 and Pooja has given a loan to firm as on 1st November, 2017 of ₹20,000. The profit of the firm for the year ended ist March, 2018 before adjustments was 280,000. 10% of this pult is beligt in a Reserve Account Current A/c balances on 1st April, 2017 wet Pooja ₹5,000 (Cr.); As 23,000 (Dr

Posted by Himalaya Singhal 2 weeks, 2 days ago

CBSE > Class 12 > Accountancy

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Posted by Sushant Kamboz. 1 week, 4 days ago

CBSE > Class 12 > Accountancy

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Don't post personal information, mobile numbers and other details.
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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