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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 1 year ago

CBSE > Class 12 > Accountancy

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ANSWER

Q. 46. Ayushi and Shristhi are partners sharing profits in 3 : 2. Their Balance Sheet showed Stock at ₹3,10,000; Machinery at ₹4,95,000; Debtors at ₹6,00,000; Creditors at ₹3,47,000. They admit Tina as a partner and new profit sharing ratio is agreed at 4: 3: 2. Following terms were agreed : (1) Machinery is overvalued by 10%. (ii) Unrecorded debtors of ₹20,000 be brought into books and provision for doubtful debts be created at 10%. (iii) Creditors of ₹27,000 are not likely to be paid. Shristhi's share in loss on revaluation amounted to ₹36,000. You are required to calculate the revalued value of stock

Posted by Shashank Shukla 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

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 . 1 year ago

CBSE > Class 12 > Accountancy

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ANSWER

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 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Accounting for partnership Firms Fundamentals notes

Posted by Mohd Aman Mansoori 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

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

Posted by Riya Chandan 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

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

Posted by Annu Sahani 1 year ago

CBSE > Class 12 > Accountancy

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ANSWER

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 9 months, 3 weeks ago

CBSE > Class 12 > Accountancy

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ANSWER

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.

Posted by Munni Lal 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

U and V Were Partners in a firm

Posted by Tanishk Kabra 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

A and B are partners in a firm sharing ratio of 2:3 with capitals 4,00,000 and 8,000000

Posted by Aashi Jain 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Ashwin Mehta and purvar partner sharing profit and losses in the ratio of 5:3:2 on 31st of 3 to 22 their balance sheet was as under at twin retired on 142 for this purpose of the following adjustments were agreed upon

Posted by Amod Chaursiya 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

X,Y,Z are partners in a firm sharing profits in the ratio 3:2:1. They decided to share future profits equally . The profit and loss account showed a credit balance of 60000 and a general reserve of 30000. If these are not to be shown in balance sheet ,give the journal entry for it.

Posted by Deepti Graak 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

ABC are partners in a form sharing profit in 4:3:3 ratio they decided to admit the manager D into partnership us surrender the one upon 4 of a share in favour of be surrender 1 upon 5 of a share in favour of D and C surrender 1 upon 6 of a share in favour of D calculate the profit sharing ratio

Posted by Kumkum Bhambhani 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Rajesh and Rakesh partner 3:2case 1

Posted by Samata Patil 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Gabns

Posted by Nitya Thakur 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Saloni and sister partners in a firm their capital accounts as on April 1st 2019 shortha balance of 2 lakh and 3 lakh respectively on July 1st 2019 Saloni introduce additional capital of 50000 and 6060000 on October 1st January 2020 from their capitals industries allowed at the rate 8% per annum calculate interest payable on in capital to both the partners during the financial year 2019 2020

Posted by Sakshi Singh 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Gold and silver started their business gold introduced 20000 and withdrew 5000 after 3 months

Posted by Sania Choudhary 1 year ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Q. 91 of dk goel ch 1

Posted by Heer Sharma 1 year, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Sania Choudhary 1 year ago

hjj

ANSWER

Harish paresh and Mahesh were three partner sharing profits and loss in the ratio 5 ratio 4:1

Posted by Jagdish Singh 1 year, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Following is the balance sheet or a and b who share profit and losses in the ratio 3 ratio 2 balance sheet of a and b as on 31st March 2018

Posted by Davinder Kaur Shergill 1 year, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Prepare the format of Profit and loss appropriation account, Partner Capital account, Partner loan account, table showing (Past) Adjustment

Posted by Sanchit Kapri 1 year, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Sanchit Kapri 1 year, 1 month ago

Sir question doubt

ANSWER

A firm’s profits for the last three years are Rs. 5,00,000; Rs. 4,00,000 and Rs. 6,00,000. Calculate value of firm’s goodwill on the basis of four years’ purchase of the average profits for the last three years.

Posted by Tenheiba Meetei 1 year, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Sehajveer Singh 1 year, 1 month ago

Firstly you have to calculate A.P as follows.. Step 1:5L + 4L + 6L= 15L. Step2: divide total by 3 because we added three values.. Its answer will be 500000 Step3: now they said calculate goodwill on basis of 4 years. Step4:now multiply your answer with 4. It will be 500000×4=20,00000 This is how goodwill will be calculated!

Sanchit Kapri 1 year, 1 month ago

Sir question doubt

ANSWER

2 Sachin and Dravid are partners in a frm sharing profits and losses in the ratio of 3-2. Their balance sheet is given below. Balance Sheet as on 31.03.2017 Liabilities sets RS Creditors 18.000 Cash in Hand 2.000 els Payable 12.000 Cash at Bank 18.000 Reserve Fund 3.000 Sundry debtors 25.000 Capitals PD 2.000 23,000 Sachin 50,000 Stock 10,000 Dravid 50.000 100.000 Furniture 25,000 Buildings 50.000 P & L Account 5.000 133,000 133.000 On 01.04.2017 they admitted Ashwin as new partner into partnership on the following terms a. He brings in Rs. 40,000 as capital and Rs. 18,000 toward Goodwill for 1/4th share in future profits b. Depreciate Furniture by 10% and Buildings are revalued at Rs. 45,000. C.PDD increased to Rs. 3.500. d. Prepared insurance Rs. 2,000. Prepare: i). Revaluation Account ii). Partners Capital Account sii) New Balance sheet as on 01.04.2017 Ans:- Loss on Revaluation Account Rs. 7,000, Capital Account balance Sachin - Rs. 55,400, Dravid - Rs. 53.600, Ashwin - Rs. 40,000, Bank Account Rs. 78,000, Balance Sheet total Rs. 1.79,000)

Posted by Haarika Pattabiraman 1 year, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Claim on account of workmen compensation amounted to rupees 70,000 which was to be paid later

Posted by Jaid Ali 1 year, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Q. 100. Neena and Sara were partners in a firm with fixed capitals of ₹5,00,000 and ₹4,00,000 respectively. It was discovered that interest on capital @ 6% p.a. was credited to the partners for the two years ending 31st March, 2018 and 31st March, 2019 whereas there was no such provision in the partnership deed. Their profit sharing ratio during the last two years was: error. Showing your workings clearly, pass the necessary adjustment entry to rectify the 2017-18 2018-19 4:5 5:1 (C.B.S.E. 2020, Rajasthan)

Posted by Pookie Wookie 1 year, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Expense on revaluation paid by partner journal entry

Posted by Neemisha Gusain 1 year, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Lalan and Balan were partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals on 1st April, 2010 were Lalan ₹ 1,00,000 and Balan ₹ 2,00,000. They agreed to allow interest on capital @ 12% per annum and charge on drawings @ 15% per annum. The firm earned a profit, before all above adjustments, of ₹ 30,000 for the year ended 31st March, 2011. The drawings of Lalan and Balan during the year were ₹ 3,000 and ₹ 5,000 respectively. Showing your calculation clearly, prepare profit and loss appropriation account of Lalan and Balan. The interest on capital will be allowed even if the firm incurs loss.

Posted by Radhika Ahuja 1 year, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Kajal Sharma 1 year, 1 month ago

Please answer

ANSWER

Dev withdraw 10000 on 15th day of every month . Interest on drawing was is to be charged 12 % p. A. Calculate lnterest on dev drawing

Posted by Eshika Jain Jain 1 year, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Shyamu Verma 1 year, 1 month ago

6500

Shyamu Verma 1 year, 1 month ago

Answer

ANSWER

Ram, Shyan, Ghanshyam and Radheshyam are partners sharing profits and losses the ratio of 4:3:3:2. Their respective fixed capitals on 31 March, 2022 were Rs. 1,20,000, 1,80,000,2,40,000 and Rs. 1,80,000 respectively. After preparing the final accounts for the year ended 31 March, 2022, it wan discovered that interest capital 12% per annum was not allowed and interest. drawings unmounting to Rs. 4,000, Rs. 5,000, Rs. 3,000 and Rs. 2,400 respectively was also not charged Pass the necessary adjustment journal entry showing your working clearly.

Posted by Swati Sriraj 1 year, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

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