Accountancy

X and Y are partners sharing profits equally. Their Balance Sheet as on 31st March, 2019 is given below :  

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Capital A/c :Land and Building1,50,000X - 1,50,000Plant and Machinery1,00,000Y - 1,00,0002,50,000Furniture and Fittings25,000Current A/c :     Stock 75,000X - 40,000Debtors75,000Y - 30,00070,000Less: Provision for Doubtful Debts - (5,000)70,000Creditors 1,30,000Bills Receivable30,000Bills Payable 50,000Bank50,000 5,00,000 5,00,000…

Continue ReadingX and Y are partners sharing profits equally. Their Balance Sheet as on 31st March, 2019 is given below :  

Following is the Balance Sheet of X and Y as at 31st March, 2019 who are partners in a firm sharing profits and losses in the ratio of 3 : 2 respectively :

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Creditors36,000Cash at Bank15,000General Reserve 36,000Debtors - 60,000Capital A/c : Less: Provision for Doubtful Debts - (2,400)57,600X - 1,80,000Patents44,400Y - 90,0002,70,000Investments24,000Current A/c :Fixed Assets 2,16,000X - 30,000Goodwill30,000Y - 6,00036,000  3,87,000 3,87,000 Z is admitted as…

Continue ReadingFollowing is the Balance Sheet of X and Y as at 31st March, 2019 who are partners in a firm sharing profits and losses in the ratio of 3 : 2 respectively :

Yogesh and Naresh are partners sharing profits in the ratio of 3 : 2. They admit Ramesh for 1/3rd share on 1st April, 2019 and also decide to share future profits equally. Balance Sheet of the firm as at 31st March, 2019 was as follows:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Capital A/c : Land4,00,000Yogesh - 5,00,000Building4,00,000Naresh - 5,00,00010,00,000Furniture50,000Current A/c :Computers1,00,000Yogesh - 1,10,000Stock1,50,000Naresh - 90,0002,00,000Sundry Debtors - 2,10,000Employees' Provident Fund 25,000Less: Provision for Doubtful Debts - (10,000)2,00,000Workmen Compensation Reserve 1,00,000CashSundry Creditors 75,000Bank70,000Expenses Payable 10,000Advertisement…

Continue ReadingYogesh and Naresh are partners sharing profits in the ratio of 3 : 2. They admit Ramesh for 1/3rd share on 1st April, 2019 and also decide to share future profits equally. Balance Sheet of the firm as at 31st March, 2019 was as follows:

Atul and Amit are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2019 is as follows:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Capital A/c : Plant and Machinery1,80,000Atul - 1,00,000Furniture30,000Amit - 1,00,0002,00,000Computer10,000Current A/c : Stock40,000Atul - 70,000Debtors50,000Amit - 50,0001,20,000Bills Receivable10,000Creditors 40,000Cash10,000Bills Payable 10,000Bank40,000 3,70,000 3,70,000 Abhay is admitted as a partner for 1/4th share on 1st April,…

Continue ReadingAtul and Amit are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2019 is as follows:

Deepika and Rajshree are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2019 their Balance Sheet was:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Sundry Creditors16,000Cash in Hand1,200Public Deposits61,000Cash at Bank2,800Bank Overdraft6,000Stock32,000Outstanding Liabilities2,000Prepaid Insurance1,000Capital A/c :Sundry Debtors28,000Deepika - 48,000Less: Provision for Doubtful Debts 800Rajshree - 40,00088,000Plant and Machinery 48,000 Land and Building50,000 Furniture10,000 1,73,000 1,73,000 On 1st April,…

Continue ReadingDeepika and Rajshree are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2019 their Balance Sheet was:

A and B are partners in a firm. The net profit of the firm is divided as follows: 1/2 to A, 1/3 to B and 1/6 carried to a Reserve. They admit C as a partner on 1st April, 2019 on which date, the Balance Sheet of the firm was:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Capital A/c : Building50,000A - 50,000Plant and Machinery30,000B - 40,00090,000Stock18,000Reserve 10,000Debtors22,000Creditors 20,000Bank5,000Outstanding Expenses 5,000   1,25,0001,25,000  Following are the required adjustments on admission of C:(a) C brings in Rs. 25,000 towards his capital.(b) C also brings in Rs. 5,000 for 1/5th share of…

Continue ReadingA and B are partners in a firm. The net profit of the firm is divided as follows: 1/2 to A, 1/3 to B and 1/6 carried to a Reserve. They admit C as a partner on 1st April, 2019 on which date, the Balance Sheet of the firm was:

Following is the Balance Sheet of the firm, Ashirvad, owned by A, B and C who share profits and losses of the business in the ratio of 3 : 2 : 1.

BALANCE SHEET as at 31st March, 2019 LiabilitiesAmount(Rs.)AssetsAmount (Rs.)Capital A/c : Furniture95,000A - 1,20,000 Business Premises2,05,000B - 1,20,000Stock-in-Trade40,000C - 1,20,0003,60,000Debtors28,000Sundry Creditors 20,000Cash at Bank15,000Outstanding Salaries and wages 7,200Cash in Hand4,200 3,87,2003,87,200 On 1st April, 2019,…

Continue ReadingFollowing is the Balance Sheet of the firm, Ashirvad, owned by A, B and C who share profits and losses of the business in the ratio of 3 : 2 : 1.

Divya, Yasmin and Fatima are partners in a firm, sharing profits and losses in 11 : 7 : 2 respectively. The Balance Sheet of the firm on 31st March, 2018 was as follows:

BALANCE SHEET as at 31st March, 2018 LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Sundry Creditors70,000Factory Building7,35,000Public Deposits1,19,000Plant and Machinery1,80,000Reserve Fund90,000Furniture2,60,000Outstanding Expenses10,000Stock1,45,000Capital A/c :Debtors - 1,50,000Divya - 5,10,000Less: Provision - (30,000)1,20,000Yasmin - 3,00,000Cash at Bank1,59,000Fatima -…

Continue ReadingDivya, Yasmin and Fatima are partners in a firm, sharing profits and losses in 11 : 7 : 2 respectively. The Balance Sheet of the firm on 31st March, 2018 was as follows:

A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a partner on 1st April, 2019 on which date the Balance Sheet of the firm was:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Capital A/c : Building50,000A - 60,000Plant and Machinery30,000B - 40,0001,00,000Stock20,000Creditors 20,000Debtors10,000  Bank10,000 1,20,0001,20,000 You are required to prepare the Revaluation Account, Partners' Capital Accounts and Balance Sheet of the new firm after…

Continue ReadingA and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a partner on 1st April, 2019 on which date the Balance Sheet of the firm was: