Accountancy

Rajesh and Ravi are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet at 31st March, 2019 stood as:

BALANCE SHEET as at 31st March, 2019 LiabilitiesAmount(Rs.)AssetsAmount (Rs.)Creditors38,500Cash2,000Outstanding Rent4,000Stock15,000Capital A/c :Prepaid Insurance1,500Rajesh - 29,000Debtors - 9,400Ravi - 15,00044000Less : Provision for Doubtful Debts - (400)9,000 Machinery19,000 Building35,000 Furniture5,000 86,500 86,500 Raman is admitted as a new…

Continue ReadingRajesh and Ravi are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet at 31st March, 2019 stood as:

X and Y are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2019 was as follows:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Outstanding Rent13,000Cash10,000Creditors20,000Sundry Debtors - 80,000Workmen Compensation Reserve5,600Less : Provision for Doubtful Debts - (4,000)76,000Capital A/c : Stock20,000X - 50,000Profit and Loss A/c  4,000Y - 60,0001,10,000Machinery38,600 1,48,600 1,48,600 On 1st April, 2019, they…

Continue ReadingX and Y are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2019 was as follows:

X and Y share profits in the ratio of 5 : 3. Their Balance Sheet as at 31st March, 2019 was:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Creditors15,000Cash at Bank5,000Employees' Provident Fund10,000Sundry Debtors - 20,000Workmen Compensation Reserve5,800Less: Provision for Doubtful Debts - (600)19,400Capital A/c :Stock25,000X - 70,000Fixed Assets80,000Y - 31,0001,01,000Profit and Loss A/c2,400 1,31,800 1,31,800 They admit Z into…

Continue ReadingX and Y share profits in the ratio of 5 : 3. Their Balance Sheet as at 31st March, 2019 was:

On 31st March, 2017, the Balance Sheet of Abhir and Divya, who were sharing profits in the ratio of 3 : 1 was as follows:

BALANCE SHEET OF ABHIR AND DIVYA as on 31st March, 2017 LiabilitiesAmount  (Rs.)AssetsAmount  (Rs.)Creditors2,20,000Cash at Bank1,40,000Employees' Provident Fund1,00,000Debtors - 6,50,000Investment Fluctuation Fund1,00,000Less: Provision for Bad Debts - (50,000)6.00,000General Reserve1,20,000Stock3,00,000Capitals: Investments (Market value Rs. 4,40,000)5,00,000Abhir…

Continue ReadingOn 31st March, 2017, the Balance Sheet of Abhir and Divya, who were sharing profits in the ratio of 3 : 1 was as follows:

A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their Balance Sheet as at 31st March, 2019 is as follows:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Capital A/c : Land and Building50,000A - 60,000Plant and Machinery40,000B - 60,000Furniture30,000C - 40,0001,60,000Stock20,000Creditors30,000Debtors30,000Bills Payable10,000Bills Receivable20,000  Bank10,000  2,00,0002,00,000 D is admitted as a partner on 1st April, 2019 for equal share. His…

Continue ReadingA, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their Balance Sheet as at 31st March, 2019 is as follows:

Shyam and Sanjay were in partnership business sharing profits and losses in the ratio of 2 : 3 respectively. Their Balance Sheet as at 31st March, 2019 was:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Sundry Creditors12,435Cash in Hand710Capital A/c :Cash at Bank11,925Shyam - 34,050Sundry Debtors5,500Sanjay - 34,05068,100Stock18,000  Furniture4,400  Building40,000 80,53580,535 On 1st April, 2019, they admitted Shanker into partnership for 1/3rd share in future profits on the…

Continue ReadingShyam and Sanjay were in partnership business sharing profits and losses in the ratio of 2 : 3 respectively. Their Balance Sheet as at 31st March, 2019 was:

The Balance Sheet of Madhu and Vidhi who are sharing profits in the ratio of 2 : 3 as at 31st March, 2016 is given below:

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Madhu's Capital5,20,000Land and Building3,00,000Vidhi's Capital3,00,000Machinery2,80,000General Reserve30,000Stock80,000Bills Payable1,50,000Debtors - 3,00,000          Less: Provision - (10,000)2,90,000 Bank 50,000   10,00,00010,00  ,000  Madhu and Vidhi decided to admit Gayatri as a new partner from 1st April, 2016 and their new profit-sharing ratio…

Continue ReadingThe Balance Sheet of Madhu and Vidhi who are sharing profits in the ratio of 2 : 3 as at 31st March, 2016 is given below:

Balance Sheet of J and K who share profits in the ratio of 3 : 2 is as follows:

BALANCE SHEET as at 31st March, 2019 LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Reserve1,00,000Cash 2,00,000J's Capital - 1,50,000Other Assets1,50,000K's Capital - 1,00,0002,50,000  3,50,000 3,50,000 M joins the firm from 1st April, 2019 for a half share in the…

Continue ReadingBalance Sheet of J and K who share profits in the ratio of 3 : 2 is as follows:

Given below is the Balance Sheet of A and B, who are carrying on partnership business on 31st March, 2019. A and B share profits and losses in the ratio of 2 : 1. BALANCE SHEET OF A AND B as at 31st March, 2019

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)Bills Payable10,000Cash in Hand10,000Creditors58,000Cash at Bank40,000Outstanding Expenses2,000Sundry Debtors60,000Capital A/c :Stock40,000A - 1,80,000Plant1,00,000B - 1,50,0003,30,000Building1,50,000 4,00,000 4,00,000 C is admitted as a partner on 1st April, 2019 on the following terms:(a) C will bring Rs. 1,00,000…

Continue ReadingGiven below is the Balance Sheet of A and B, who are carrying on partnership business on 31st March, 2019. A and B share profits and losses in the ratio of 2 : 1. BALANCE SHEET OF A AND B as at 31st March, 2019