At the time of retirement, how is the new profit-sharing ratio among the remaining partners calculated? (CBSE 2019 C) Post category:Accountancy Reading time:1 mins read SOLUTION Profit-sharing ratio of the remaining partners is decided as per the mutual agreement among the remaining partners. 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 PostP, Q and R were partners in a firm. On 31st March, 2018 R retired. The amount payable to R Rs. 2,17,000 was transferred to his loan account. R agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. State the rate at which interest will be paid to R. (CBSE 2019) Next PostIn which ratio do the remaining partners acquire the share of profit of the retiring partner? (Delhi 2018 C) You Might Also Like Asin and Shreyas are partners in a firm. They admit Ajay as a new partner with 1/5th share in the profits of the firm. Ajay brings Rs. 5,00,000 as his share of capital. The value of the total assets of the firm was Rs. 15,00,000 and outside liabilities were valued at Rs. 5,00,000 on that date. Give necessary Journal entry to record goodwill at the time of Ajay’s admission. Also show your workings August 1, 2022 What is the maximum number of partners that a partnership firm can have? Name the Act that provides for the maximum number of partners in a partnership firm. September 23, 2022 Pass Journal entries for the following transactions at the time of dissolution of the firm: (a) Loan of Rs. 10,000 advanced by a partner to the firm was refunded. (b) X, a partner, takes over an unrecorded asset (Typewriter) at Rs. 300. (c) Undistributed balance (Debit) of Profit and Loss Account Rs. 30,000. The firm has three partners X, Y and Z. (d) Assets of the firm realised Rs. 1,25,000. (e) Y who undertakes to carry out the dissolution proceedings is paid Rs. 2,000 for the same. (f) Creditors are paid Rs. 28,000 in full settlement of their account of Rs. 30,000. July 25, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Asin and Shreyas are partners in a firm. They admit Ajay as a new partner with 1/5th share in the profits of the firm. Ajay brings Rs. 5,00,000 as his share of capital. The value of the total assets of the firm was Rs. 15,00,000 and outside liabilities were valued at Rs. 5,00,000 on that date. Give necessary Journal entry to record goodwill at the time of Ajay’s admission. Also show your workings August 1, 2022
What is the maximum number of partners that a partnership firm can have? Name the Act that provides for the maximum number of partners in a partnership firm. September 23, 2022
Pass Journal entries for the following transactions at the time of dissolution of the firm: (a) Loan of Rs. 10,000 advanced by a partner to the firm was refunded. (b) X, a partner, takes over an unrecorded asset (Typewriter) at Rs. 300. (c) Undistributed balance (Debit) of Profit and Loss Account Rs. 30,000. The firm has three partners X, Y and Z. (d) Assets of the firm realised Rs. 1,25,000. (e) Y who undertakes to carry out the dissolution proceedings is paid Rs. 2,000 for the same. (f) Creditors are paid Rs. 28,000 in full settlement of their account of Rs. 30,000. July 25, 2022