P, Q and R were partners in a firm sharing profits in the ration of 2:3:5. On 31-03-2004, thier balance sheet was as follows
Creditors - 70,000
Total : 2,80,000
Less 5000 = 35000
Profit And Loss A/c: 10,000
On the above date, R retired from the firm due to illness on the following terms:
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of P and Q after R's Retirement.
A and B are in a partnership sharing profits and losses in the ratio of 3:2. on 1st april 2012,they admitted C into partnership.he paid 50000 as his capital but nothing for goodwill which was valued at 40000 for the firm.he acquired 1/5th share in the profits , equally from both partners.it was also decided that......
a) land and building be written off by 20000.
b) stock be written down by 3200.
c) a provision of 1000 be created for doubtful debts.
d) an amount of 1200 included in the sundry creditors be written back as it is no longer payable.
balance sheet is as follows...
land and building
plant and machinery
cash in bank
Prepare the revaluation a/c partners capital a/cs and the balance sheet and pass the journal entries of the new firm.
Arvind had the following transactions. Use Accounting Equation to show their effect on his assets, liabilities and capital:
1. Invested Rs 15000 in cash as capital.
2. Purchase furniture for cash Rs 7500.
3. Purchased a building for Rs 15000, giving Rs 5000 in cash and the balance through a loan.
4. Sold furniture costing Rs 1000 for Rs 1500.
5. Purchased an old car for Rs 2800 cash.
6. Received cash as rent Rs 3600.
7. Paid cash Rs 500 for loan and Rs 300 for interest.
8. Paid cash for household expenses Rs 300.
9. Received cash for dividend on securities Rs 200.
A, B and C were in partnership sharing profits in proportion to their capitals Their Balancd Sheet on 31-03-2008 was as follows:
A's Capital: 90,000
B's Capital: 60,000
C's Capital: 30,00
less: Prov for doubtful debts 400 =19,600
On the above date B retired owing to ill health and the following adjustments were agreed upon
What is meant by alternative uses of resources? Give Examples.
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