In which ratio do the remaining partners acquire the share of profit of the retiring or deceased partner? (C.B.S.E. 2017, 2018 Comptt.) Post category:Accountancy Reading time:1 mins read SOLUTION Remaining partners acquire the share of profit of the retiring partner in Gaining ratio. 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 PostAt the time of retirement of a partner, state the condition when there is no need to compute the gaining ratio. Next PostRamesh wants to retire from the firm. The profit on revaluation on that date Was Rs. 12,000. Mohan and Rahul want to share this in their new profit-sharing ratio 3: 2. Ramesh wants this shared equally. How is this profit to be shared? You Might Also Like Kanika and Gautam are partners doing a dry-cleaning business in Lucknow, sharing profits in the ratio 2: 1 with capitals Rs. 5,00,000 and Rs. 4,00,000 respectively. Kanika withdrew the following amounts during the year to pay the hostel expenses of her son: July 21, 2022 On dissolution of a firm, out of the proceeds received from the sale of assets Who will be paid last of all? September 27, 2022 Pass the Journal entries for the following transactions on the dissolution of the firm of P and Q after various assets (other than cash) and outside liabilities have been transferred to Realisation Account: (a) Stock Rs. 2,00,000. ‘P’ took over 50% of stock at a discount of 10%. Remaining stock was sold at a profit of 25% on cost. (b) Debtor Rs. 2,25,000. Provision for Doubtful Debts Rs. 25,000. Rs. 20,000 of the book debts proved bad. (c) Land and Building (Book value Rs. 12,50,000) sold for Rs. 15,00,000 through a broker who charged 2% commission. (d) Machinery (Book value Rs. 6,00,000) was handed over to a creditor at a discount of 10%. (e) Investment (Book value Rs. 60,000) realised at 125%. (f) Goodwill of Rs. 75,000 and prepaid fire insurance of Rs. 10,000. (g) There was an old furniture in the firm which had been written off completely in the books. This was sold for Rs. 10,000. (h) ‘Z’ an old customer whose account for Rs. 20,000 was written off as bad in the previous year, paid 60%. (i) ‘P’ undertook to pay M Rs. P’s loan of Rs. 50,000. (j) Trade Creditors Rs. 1,60,000. Half of the trade Creditors accepted Plant and Machinery at an agreed valuation of Rs. 54,000 and cash in full settlement of their claims after allowing a discount of Rs. 16,000. Remaining trade Creditors were paid 90% in final settlement. July 25, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Kanika and Gautam are partners doing a dry-cleaning business in Lucknow, sharing profits in the ratio 2: 1 with capitals Rs. 5,00,000 and Rs. 4,00,000 respectively. Kanika withdrew the following amounts during the year to pay the hostel expenses of her son: July 21, 2022
On dissolution of a firm, out of the proceeds received from the sale of assets Who will be paid last of all? September 27, 2022
Pass the Journal entries for the following transactions on the dissolution of the firm of P and Q after various assets (other than cash) and outside liabilities have been transferred to Realisation Account: (a) Stock Rs. 2,00,000. ‘P’ took over 50% of stock at a discount of 10%. Remaining stock was sold at a profit of 25% on cost. (b) Debtor Rs. 2,25,000. Provision for Doubtful Debts Rs. 25,000. Rs. 20,000 of the book debts proved bad. (c) Land and Building (Book value Rs. 12,50,000) sold for Rs. 15,00,000 through a broker who charged 2% commission. (d) Machinery (Book value Rs. 6,00,000) was handed over to a creditor at a discount of 10%. (e) Investment (Book value Rs. 60,000) realised at 125%. (f) Goodwill of Rs. 75,000 and prepaid fire insurance of Rs. 10,000. (g) There was an old furniture in the firm which had been written off completely in the books. This was sold for Rs. 10,000. (h) ‘Z’ an old customer whose account for Rs. 20,000 was written off as bad in the previous year, paid 60%. (i) ‘P’ undertook to pay M Rs. P’s loan of Rs. 50,000. (j) Trade Creditors Rs. 1,60,000. Half of the trade Creditors accepted Plant and Machinery at an agreed valuation of Rs. 54,000 and cash in full settlement of their claims after allowing a discount of Rs. 16,000. Remaining trade Creditors were paid 90% in final settlement. July 25, 2022