No.46.
No.46. 40 (A). Vimal and Ninnal partners sharing profits in the ratio Of3' : 2.
Following the position octheir business as on 3 1st March, 2012 :
4.
at
Sundry Creditors
Capital Accounts :
Vim al
Nirmal
Profit Loss tVc
20.000 cash
Debtors
60,000 Plant & Machinery
32.000 stock
20,000 Goodwill
14.00
18,0
40.0
10.0
On this day, Kailash agrees to join the business on the following terms and
conditions :
(i) He will introduce {40,000 as his capital and pay (20,000 to the existing
partners for his share of goodwill.
(ii) The new profit sharing ratio will be 2 : 1,: I repectively for Vimal, Nirmal and
Kailash.
{(iii) A revaluation of assets will be made by reducing plant and machinery to
65,000 qnd stock by 10%. Provision of 1,000 is to be created for bad and doubtful
debts.
Pass journal entries for the above arrangyments and give the balance sheet.fthe
newly constituted firm. Also specify the sacrificing ratio.
Hrithik Pandit answered this
hrithikpandit34@gmail.com
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Miranga Chetia answered this
Vimal and nirmal are partner as a firm
- 3
Aditya Agrawal answered this
Solution:
- 42
Raj answered this
A and B
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Raj answered this
A&B partners
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Rahul answered this
jajajakajaj
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Rahul answered this
photo
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Rahul answered this
photos l
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Rahul answered this
answer
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Tushar answered this
Vimal and Nirmal are partners sharing profits in the ratio of 3 : 2. Following was the position of their
business as at 31st march 2018:
Liabilities Rs Assets Rs
Sundry Creditors
Capital Accounts
Vimal
Nirmal
Profit & Loss A/c
20,000
60,000
32,000
20,000
Cash
Debtors
Plant & Machinery
Stock
Good will
14,000
18,000
50,000
40,000
10,000
1,32,000 1,32,000
On 1st April 2018 Kailash agrees to join the business on the following terms and conditions:
a. He will introduce ` 40,000 as his capital and pay ` 20,000 to existing partner for his share of
goodwill .
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Ritu answered this
Please find this answer
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Khushpreet Kaur answered this
Ssolution
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Pollow answered this
Sacrifice ratio 3:1
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