If opening capitals of partners are A Rs. 3,00,000, B Rs. 2,00,000 and C Rs. 1,00,000 and their drawings during the year are A Rs. 50,000, B Rs. 40,000 and C Rs. 30,000 and creditors are Rs. 60,000, what will be the amount of assets of the firm? Post category:Accountancy Reading time:1 mins read SOLUTION Rs. 5,40,000 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 PostIf creditors are Rs. 25,000, capital is Rs. 1,50,000 and cash balance is Rs. 10,000, what will be the amount of sundry assets? Next PostIf total assets of a firm are Rs. 12,00,000 and total liabilities are Rs. 2,40,000, what will the capitals of P, Q and R if they share profits in the ratio of their capitals and profit-sharing ratio is 1: 2: 3. You Might Also Like A. B, C and D are partners. A, B and C desire that D should not participate in the conduct of the business of the firm. Can they prevent D? September 26, 2022 What entry is passed when an asset is given to a Creditor in full settlement of his dues? September 27, 2022 List any two items that need adjustments in books of accounts of a firm at the time of admission of a partner: – (i)Adjustment for Goodwill: (ii) Adjustment of Accumulated Profits, Reserves and Losses. A, B, C and D were partners in a firm sharing profits in the ratio of 4: 3: 2: 1. E brought Rs. 10,000 for his share of goodwill premium in cash which was correctly recorded in the books by the accountant. The accountant showed goodwill at Rs. 1,00,000 in the books. Was the accountant correct in doing so? Give reason in support of your answer. September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A. B, C and D are partners. A, B and C desire that D should not participate in the conduct of the business of the firm. Can they prevent D? September 26, 2022
What entry is passed when an asset is given to a Creditor in full settlement of his dues? September 27, 2022
List any two items that need adjustments in books of accounts of a firm at the time of admission of a partner: – (i)Adjustment for Goodwill: (ii) Adjustment of Accumulated Profits, Reserves and Losses. A, B, C and D were partners in a firm sharing profits in the ratio of 4: 3: 2: 1. E brought Rs. 10,000 for his share of goodwill premium in cash which was correctly recorded in the books by the accountant. The accountant showed goodwill at Rs. 1,00,000 in the books. Was the accountant correct in doing so? Give reason in support of your answer. September 27, 2022