value of investments is Rs 1,52,000. …

value of investments is Rs 1,52,000. 11. Madhu and Akash were partners in a firm sharing profits and losses in the ratio of 3:1. Their balance sheet as at 31 ^ (5t) march 2019 was as follows: Liabilities Rs Assets Capitals: Madhuri Arsh Workmen's Compensation Fund 60,000 Creditors Employees Provident Fund 1,90,000 1,10,000 Total 8,60,000 Plant and Machinery Rs 4,70,000 1,10,000 1,10,000 Investments Debtors 1,20,000 Less: Provision for bad debts 10,000 Stock Cash 1,40,000 30,000 Total 8,60,000 On 1st April 2019 they admitted Jyoti into partnership for 1 / (4 ^ (th)) share in the profits of the firm. Jyoti brought proportionate capital and Rs 40,000 as her share of goodwill premium. The following terms were agreed upon: (a) Provision for doubtful debts was to be maintained at 10% on debtors. (b) Stock was undervalued by Rs 10,000. (c) An old customer whose account was written off as bad, paid Rs 15,000. (d) 20% of the investments were taken over by Akash at book value. (e) Claim on account of Workmen's compensation amounted to Rs 70,000. (f) Creditors included a sum of Rs 27,000 which was not likely to be claimed. Prepare Revaluation account, Capital account. 75 30

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.

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

Accounting for partnership Firms Fundamentals notes

On 1st April ,2019 ,Mathew Ltd issued 10,000,9%Debentures of rs.100each at a discount of 5%,redeemable at premium of 5%.These debentures were redeemable as follows: On 31st March ,20-2000debentures On31st March,21. 5000Deb On 31st March 22. 3000Debentures . Prepare account for loss on issue of debenture , 9%Debentures ,and premium on redemption

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Gita Radha and Garv are partner sharing prophets in the ratio of 1 by 2 2 by 5 and 1 by 10 find the new profit sharing ratio of the remaining partners if girl retires

B and C are partner sharing profit in the ratio 3 2. Goodwill appears in the book at Rs3000 DIs admitted into partnership on payment of 2000 for 1/4, share as goodwill .B and C between themselves.Sharing future profit and loses equally given journal.

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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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