Board Paper Solutions
Ask & Answer
, asked on 18/4/19
On 31st March 2017 the balance sheet is abhor and Divya who were sharing profit in the ratio is 3:1 was as follows
, asked on 21/11/19
Gautam and Yashica are partners in a firm, sharing profits and losses in 3:1 respectively. The balance sheet of the firm as on 31st March 2018 was as follows:
Balance Sheet As at 31.3.2018
Liabilities Amt(₹) Assets Amt(₹)
Sundry creditors 50,000 Furniture 60,000
Bills payable 30,000 Stock 1,40,000
Capitals: Debtors 80,000
Gautam 4,00,000 Cash in hand 90,000
Yashica 1,00,000 5,00,000 Machinery 2,10,000
Asma is admitted as a partner for 3/8th share in the profits with a capital of ₹2,10,000 and ₹50,000 for her share of goodwill. It was decided that:
i. New profit sharing ratio will be 3:2:3
ii. Machinery will depreciated by 10% and Furniture by ₹5,000.
iii. Stock was re-valued at ₹ 2,10,000.
iv. Provision for doubtful debts is to be created at 10% of debtors.
v. The capitals of all the partners were to be in the new profit sharing ratio on basis of capital of new partner any adjustment to be done through current accounts.
Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the new firm.
, asked on 16/11/19
The partners of a firm, Alia, Bhanu and Chand distributed the profits for the year ended 31st March, 2017, ₹ 80,000 in the ratio of 3:3:2 without providing for the following adjustments:
a) Alia and Chand were entitled to a salary of ₹ 1,500 each p.m.
b) Bhanu was entitled for a salary of ₹ 4,000 p.a.
Pass the necessary Journal entry for the above adjustments in the books of the firm. Show workings clearly
, asked on 18/1/19
Plz answer this q.
, asked on 12/3/18
Can i get the solution
Q36. The Balance Sheet of Madan and Mohan who share profits and losses in the ratio of 3:2, as at 31
March, 2010 was as follows:
Workmen's Compensation Fund
Cash at Bank
Less: Reserve for Doubtful Debts 5,000
They decided to admit Gopal on 1
April, 2010 for 1/4
share on the following terms :
(i) Gopal shall bring Rs.20,000 as his share of premium for goodwill.
(ii) That unaccounted accrued income of Rs.1,000 be provided for.
(iii) The market value of investments was Rs.45,000.
(iv) A debtor whose dues of Rs. 5,000 were written off as bad debts paid Rs.4,000 in full settlement.
(v) A claim of Rs.3,000 on account of workmen's compensation to be provided for.
(vi) Patents are overvalued by Rs.2,000.
(vii) Gopal to bring in capital equal to 1/4
of the total capital of the firm after all adjustments.
Prepare Revaluation Account, Capital Accounts of the partners and Balance Sheet of the new firm.
, asked on 8/5/18
Hari Ravi and Kavi were partners in a firm sharing profits in the ratio of 3 :2:1 they admitted Guru as a new partner for on my 7th share in the profits the new profit sharing ratio will be 2 :2:2:1 respectively group brought 300000 for his capital and 45000 for his 1/7th share of goodwill so your working clearly pass necessary journal entries in the books of the form for the above-mentioned transactions
, asked on 13/8/18
Pls solve this fast pls
, asked on 16/2/17
Ramesh and Suresh are partners sharing profits in the ratio of 2 : 1 respectively. Ramesh's Capital is Rs 1,02,000 and Suresh's Capital is Rs 73,000. They admit Mahesh and agree to give him 1/5
share in future profits. Mahesh brings Rs 14,000 as his share of goodwill. He agrees to contribute capital in the new profit sharing ratio. How much capital will be brought in by Mahesh?
(a) Rs 43,750 (b) Rs 45,000 (c) Rs 47,250 (d) Rs 48,000
, asked on 8/1/15
A, B and C are partners in a trading firm. The firm has a fixed total capital of Rs. 60,000 held equally by all the partners. Under the partnership deed the partners were entitled to-
a) A and B to a salary of Rs.1,800 and Rs. 1,600 per month respectively.
b) in the event of death of a partner, goodwill was to be valued at 2 years purchase of the average profits of the last 3 years.
c) profit upto the date of death based on the profit of the previous year.
d) partners were to be charged interest on drawings @ 5% pa and allowed interest on capitals @ 6% pa.
B died on 1.1.2011. his drawings to the date of death were rs. 2,000 and the interest thereon was Rs. 60.
The profits for the three years ending 31.3.2008., 2009 and 2010 were 21,200 , 3,200 (Dr.), and Rs. 9.000 respectively.
Prepare B's capital account to calculate the amount to be paid to his executors.
, asked on 18/4/20
Ankit Bhanu and Charu are partners in a firm sharing profits and losses equally with capital of 2,50,000
each. On 1st October, 2019, Ankit and Bhanu gave loans of 2,50,000 each to the firm whereas Charu took
a loan of 1,00,000 from the firm on the same date. It was agreed among the partners that Charu will be
charged Interest @ 6% p.a. Interest on loan from partners was paid on 10th April, 2020. The firm closes its
books on 31st March each year.
Pass the Journal entries in the books of the firm for the year ended 31st March, 2020
, asked on 28/8/16
The partners of a firm distributed the profits for the year ended 31st March 2003, Rs. 90,000 in the ratio of 3:2:1 without providing for the following adjustments.
(i) A and C were entitled to a salary of Rs 1,500 p.a.
(ii) B was entitled to a salary of Rs4,500
(iii) B and C had guaranteed a minimum profit of Rs 35000 p.a. to A
(iv) Profits were to be shared in the ratio of 3:3:2
Pass necessary journal entry for the above adjustment in the books of the firm.
, asked on 24/4/18
Q. P, Q and R are in partnership sharing profits and losses in the ratio of 5 : 4 : 3 . On 31st March 2013, their balance sheet was as follows :
Capital Accounts :
Cash at bank
Plant & Machinery
It was decided that effect from 1st April 2013, the profit sharing profit sharing ratio will be 4:3:2 . For this purpose the following revaluations were made :
(i) Furniture be taken at 80% of its value .
(ii) Stock be appreciated by 20%.
(iii) Plant & Machinery be valued at Rs. 4,00,000.
(iv) Create provision for doubtful debts for Rs. 10,000 on debtors.
(v) Outstanding expenses be increased by Rs. 3,000.
Partners agreed that altered values are not be recorded in the books and they also do not want to distribute the general reserve.
You are required to post a single journal entry to give effect to the above . Also prepare the revised Balance Sheet.
, asked on 21/4/20
Kabir, Zoravar and Parul are partners sharing profits in the ratio of 5:3:2. Their capitals as on 1st April, 2019
were:Kabir-*5,20,000, Zoravar- 3,20,000 and Parul? 2,00,000.
The Partnership Deed provided as follows:
(i) Kabir and Zoravar each will get salary of 24,000 p.a.
(ii) Parul will get commission of 2% of Sales.
(ii) Interest on capital is to be allowed @ 5% p.a.
(iv) Interest on Drawings is to be charged @ 5% p.a.
(V) 10% of Divisible Profit is to be transferred to General Reserve.
sales for the year ended 31st March, 2020 were * 50,00,000. Drawings by each of the partners during the
year was 360,000. Net Profit for the year was 1,55,500.
repare Profit and Loss Appropriation Account for the year ended 31st March, 2020.
, asked 3 days, 21 hours ago
Answer from expert it's urgent.
, asked on 29/6/18
ram and shyam are partners sharing p&l in the ratio 4 : 1. They agreed to admit mohan into the partnership on 1st april 2017 for 1/3 share in profits . It was agreed that Ram, Shyam and mohan would share profits equally in the future. Mohan brought in 50000 as goodwill ( premium ) for his 1/3 share in profits. Pass journal entries.
Terms & Conditions
Copyright © 2020
Applect Learning Systems Pvt. Ltd.
All rights reserved.
Applect Learning Systems Pvt. Ltd.
What are you looking for?