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Lokesh and Azad our partner sharing …

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Lokesh and Azad our partner sharing profits in ratio 3:2 the capital rs.50000and 30000 respectively. Interest on capital is a grade to be paid @6% per annum Azad is allowed is salary rs 2500 per annum during 2016 the profits prior to the calculation of interest on capital but after charging to the calculation of interest on capital but after charging Azad's salary amounted rs.12500 a provision of 5% of profit is to be made in respect of managers commission prepare accounts showing the allocation of profit and partners capital account

Posted by Komal Kumari 4 months 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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Posted by Annu Sahani 3 months ago

CBSE > Class 12 > Accountancy

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Rao and Majumdar are partners sharing profits and losses in the ratio of 3: 2. Rao died on 31st December, 2020. The following was the Balance Sheet on that date: Payment to Executors in Instalments Liabilities Amount Assets Amount ed on 281 Creditors Reserve Rao's Capital Majumdar's Capital 24,000 Cash at Bank 15,000 Stock 18,000 40,000 Amount 18,000 25,000 Debtors Furniture 20,000 35,000 The share of Rao in firm's goodwill was agreed at 36,000. Assets and liabilities were valued reasonably. Assuming that 10,000 was paid immediately on January 1, 2021 and the balance was payable in three equal instalments on 31st December every year and interest was payable @ 12% per annum on unpaid balance. Prepare Rao's Executor's Account.

Posted by Palak Kumari 2 months, 3 weeks ago

CBSE > Class 12 > Accountancy

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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.

Posted by Palak Sharma 2 months, 4 weeks 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 week, 6 days ago

CBSE > Class 12 > Accountancy

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Accounting for partnership Firms Fundamentals notes

Posted by Mohd Aman Mansoori 3 months ago

CBSE > Class 12 > Accountancy

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Posted by Riya Chandan 3 months ago

CBSE > Class 12 > Accountancy

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Posted by Munni Lal 3 months ago

CBSE > Class 12 > Accountancy

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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

Posted by Mahi . 2 months, 3 weeks ago

CBSE > Class 12 > Accountancy

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