What share of profits would a ‘sleeping partner’ who has contributed 75% of the Total Capital get in the absence of a deed? Post category:Accountancy Reading time:1 mins read SOLUTION Equal share of profits. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhy is it important, to have a partnership deed in writing? Next PostIn the absence of any provision in the partnership deed, at what rate is a working partner entitled for remuneration? You Might Also Like A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrender 1/5th of his share and B surrenders 2/5th of his share and B surrenders 2/5th of his share in favour of C. For the purpose of C’s admission, goodwill of the firm is valued at Rs. 75,000 and C brings in his share of goodwill in cash which is retained in the firm’s books. Journalise the above transactions. August 1, 2022 On dissolution of a firm, its Balance Sheet revealed total creditors Rs. 50,000; Total Capital Rs. 48,000; Cash Balance Rs. 3,000. Its assets were realised at 12% less. What will be loss on realisation? September 27, 2022 What is deferred tax asset? September 30, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrender 1/5th of his share and B surrenders 2/5th of his share and B surrenders 2/5th of his share in favour of C. For the purpose of C’s admission, goodwill of the firm is valued at Rs. 75,000 and C brings in his share of goodwill in cash which is retained in the firm’s books. Journalise the above transactions. August 1, 2022
On dissolution of a firm, its Balance Sheet revealed total creditors Rs. 50,000; Total Capital Rs. 48,000; Cash Balance Rs. 3,000. Its assets were realised at 12% less. What will be loss on realisation? September 27, 2022
