Accountancy

A and B are partners in a firm sharing profits and losses in the ratio 3 : 1. They admit C for 1/4th share on 31st March, 2014 when their Balance Sheet was as follows:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Employees Provident Fund17,000Cash6,100Workmen Compensation Reserve     6,000Stock15,000Investment Fluctuation Reserve4,100Debtors - 50,000Capital's A/c : Less : Provision for Doubtful Debts - (2,000)48,000A - 54,000Investments7,000 B - 35,00089,000Goodwill40,000  1,16,1001,16,100 The following adjustments were agreed upon:(a) C brings in Rs. 16,000 as goodwill…

Continue ReadingA and B are partners in a firm sharing profits and losses in the ratio 3 : 1. They admit C for 1/4th share on 31st March, 2014 when their Balance Sheet was as follows:

L, M and N were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet on 31st March, 2015 was as follows:

Liabilities   Amount (Rs.)AssetsAmount (Rs.)Creditors1,68,000Bank34,000General Reserve42,000Debtors46,000Capital's A/c : Stock2,20,000L - 1,20,000Investments     60,000M - 80,000Furniture20,000N - 40,0002,40,000 Machinery70,000  4,50,000 4,50,000 On the above date, O was admitted as a new partner and it was decided that:(i) The new…

Continue ReadingL, M and N were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet on 31st March, 2015 was as follows:

A, B and C are partners sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2019, their Balance Sheet was: 

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Creditors64,000Cash18,000Bills Payable22,000Bills Receivable14,000General Reserve14,000Stock44,000Capital A/c :Debtors42,000A - 36,000Machinery94,000B - 44,000Goodwill20,000C - 52,0001,32,000  2,32,000 2,32,000 They admit D into partnership on the following terms:(a) Machinery is to be depreciated by 15%.(b) Stock is…

Continue ReadingA, B and C are partners sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2019, their Balance Sheet was: 

Following is the Balance Sheet of Abha and Binay as at 31st March, 2014:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Creditors13,000Bank15,000Employees Provident Fund8,000Debtors - 22,000Workmen Compensation Fund15,000Less : Provision for Doubtful Debts - (1,000)21,000Capital A/c : Stock10,000Abha - 55,000Plant and Machinery60,000Binay - 30,00085,000Goodwill  10,000 Profit and Loss5,000 1,21,000 1,21,000 Chitra was admitted as a…

Continue ReadingFollowing is the Balance Sheet of Abha and Binay as at 31st March, 2014:

Raghu and Rishu are partners sharing profits in the ratio 3 : 2. Their Balance Sheet as at 31st March, 2009 was as follows: 

BALANCE SHEET OF RAGHU AND RISHUas at 31st March, 2009 LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Creditors86,000Cash in Hand77,000Employees' Provident Fund10,000Debtors - 42,000Investments Fluctuation Reserve4,000Less: Provision for Doubtful Debts - (7,000)35,000Capital A/c :Investments 21,000Raghu -…

Continue ReadingRaghu and Rishu are partners sharing profits in the ratio 3 : 2. Their Balance Sheet as at 31st March, 2009 was as follows: 

The Balance Sheet of X, Y and Z who share profits and losses in the ratio of 3 : 2 : 1, as on 1st April, 2019 is as follows:                      

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Capital A/c : Y's Current Account7,000X -  1,75,000Land and Building1,75,000Y - 1,50,000Plant and Machinery67,500Z - 1,25,0004,50,000Furniture80,000Current A/c : Investments36,500X - 4,000Bills Receivable17,000Z - 6,00010,000Sundry Debtors43,500General Reserve15,000Stock1,37,000Profit and Loss A/c7,000Bank43,500Creditors80,000 Bills Payable45,000  6,07,000 6,07,000…

Continue ReadingThe Balance Sheet of X, Y and Z who share profits and losses in the ratio of 3 : 2 : 1, as on 1st April, 2019 is as follows:                      

Shikhar and Rohit were partners in a firm sharing profits in the ratio of 7 : 3. On 1st April, 2013, they admitted Kavi as a new partner for 1/4th share in profits of the firm. Kavi brought Rs. 4,30,000 as his capital and Rs. 25,000 for his share of goodwill premium. The Balance Sheet of Shikhar and Rohit as on 1st April, 2013 was as follows:  

BALANCE SHEET OF SHIKHAR AND ROHIT as at 1st April, 2013 LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Capital A/c : Land and Building3,50,000Shikhar - 8,00,000Machinery4,50,000Rohit - 3,50,00011,50,000Debtors - 2,20,000General Reserve1,00,000Less: Provision - (20,000)2,00,000Workmen's Compensation Fund   1,00,000Stock3,50,000Creditors1,50,000Cash1,50,000 15,00,000 15,00,000 It was agreed that:(a) the value of…

Continue ReadingShikhar and Rohit were partners in a firm sharing profits in the ratio of 7 : 3. On 1st April, 2013, they admitted Kavi as a new partner for 1/4th share in profits of the firm. Kavi brought Rs. 4,30,000 as his capital and Rs. 25,000 for his share of goodwill premium. The Balance Sheet of Shikhar and Rohit as on 1st April, 2013 was as follows:  

A and B were partners in a firm sharing profits in 3 : 1 ratio. They admitted C as a partner for 1/4th share in the future profits. C was to bring Rs. 60,000 for his capital. The Balance Sheet of A and B as at 1st April, 2019, the date on which C was admitted, was:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Capital A/c : Land and Building40,000 A - 50,000Plant ad Machinery70,000 B -  80,0001,30,000Stock30,000General Reserve 10,000Debtors - 35,000Creditors 70,000Less: Provision for Doubtful Debts -(1,000)34,000 Investments26,000 Cash10,000 2,10,000 2,10,000 The other terms agreed upon were:(a) Goodwill of the firm was valued…

Continue ReadingA and B were partners in a firm sharing profits in 3 : 1 ratio. They admitted C as a partner for 1/4th share in the future profits. C was to bring Rs. 60,000 for his capital. The Balance Sheet of A and B as at 1st April, 2019, the date on which C was admitted, was:

X and Y are partners sharing profits in the ratio of 2 : 1. Their Balance Sheet as at 31st March, 2019 was:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Sundry Creditors25,000Cash/Bank5,000General Reserve18,000Sundry Debtors15,000Capital A/c :Stock10,000X - 75,000Investments8,000Y - 62,0001,37,000Printer5,000  Fixed Assets1,37,000 1,80,0001,80,000 They admit Z into partnership on the same date on the following terms:(a) Z brings in Rs. 40,000 as his capital and he…

Continue ReadingX and Y are partners sharing profits in the ratio of 2 : 1. Their Balance Sheet as at 31st March, 2019 was: