Name any two items which are shown on the debit of Profit and Loss Appropriation Account. Post category:Accountancy Reading time:1 mins read SOLUTION (i) Interest on Capital, (ii) Salary to 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articles Previous PostName the method of calculating interest on Drawings of the Partners if the different amounts are withdrawn on different dates. Next PostName any two items which are shown on the credit of Profit and Loss Appropriation Account. You Might Also Like A and B are partners sharing profits in the ratio of 2 : 1. They admit C for 1/4th share in profits. C brings in Rs. 30,000 for his capital and Rs. 8,000 out of his share of Rs. 10,000 for goodwill. Before admission, goodwill appeared in books at Rs. 18,000. Give Journal entries to give effect to the above arrangement. August 1, 2022 A, B and C are partners sharing profits in the ratio of 4/9 : 3/9 : 2/9. B retires and his capital after making adjustments for reserves and gain (profit) on revaluation stands at Rs. 1,39,200. A and C agreed to pay him Rs. 1,50,000 in full settlement of his claim. Record necessary Journal entry for adjustment of goodwill if the new profit-sharing ratio is decided at 5 : 3. August 3, 2022 A and B are partners sharing profits and losses in the ratio of 2 : 5. They admit C on the condition that he will bring Rs. 14,000 as his share of goodwill to be distributed between A and B. C’s share in the future profits or losses will be 1/4th. What will be the new profit-sharing ratio and what amount of goodwill brought in by C will be received by A and B? August 1, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A and B are partners sharing profits in the ratio of 2 : 1. They admit C for 1/4th share in profits. C brings in Rs. 30,000 for his capital and Rs. 8,000 out of his share of Rs. 10,000 for goodwill. Before admission, goodwill appeared in books at Rs. 18,000. Give Journal entries to give effect to the above arrangement. August 1, 2022
A, B and C are partners sharing profits in the ratio of 4/9 : 3/9 : 2/9. B retires and his capital after making adjustments for reserves and gain (profit) on revaluation stands at Rs. 1,39,200. A and C agreed to pay him Rs. 1,50,000 in full settlement of his claim. Record necessary Journal entry for adjustment of goodwill if the new profit-sharing ratio is decided at 5 : 3. August 3, 2022
A and B are partners sharing profits and losses in the ratio of 2 : 5. They admit C on the condition that he will bring Rs. 14,000 as his share of goodwill to be distributed between A and B. C’s share in the future profits or losses will be 1/4th. What will be the new profit-sharing ratio and what amount of goodwill brought in by C will be received by A and B? August 1, 2022