Question : P, A and L are partners in a firm sharing profits and losses in the ratio of 3: 2 : 1 respectively. Angad died and his claim, including Capital and entitlements from the firm including his share of Goodwill of the firm, is Rs. 50,000. After this amount was determined, it was found that there was an unrecorded piece of furniture valued at Rs. 12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to A’s executor was determined and settled by giving him this piece of furniture and the balance in cash. Q. Amount Due to A’s executor account will be
Option 1: Rs 48,000
Option 2: Rs 50,000
Option 3: Rs 54,000
Option 4: Rs 46,000
Correct Answer: Rs 54,000
Solution : Answer = Rs 54,000
Total Claim Including Capital + Goodwill = 50,000 (+) Revaluation (Profit) = 4000 (12000 × 2/6) 54000 Hence, the correct option is 3.
Question : P, A and L are partners in a firm sharing profits and losses in the ratio of 3:2:1 respectively. Angad died and his claim, including Capital and entitlements from the firm including his share of Goodwill of the firm, is Rs. 50,000. After this amount was determined,
Question :
A, B and C are partners in a firm sharing profits and losses in the ratio 3:2:1. B retired and his claim included capital and other entitlements from the firm including his share of goodwill of the firm's Rs 60,000 After
Question : A, B and C were partners in a firm sharing profits in the ratio of 1:2:1. The firm closes its books on 31st March every year. On 30th September 2015, B died. On that date, his capital account showed a debit balance of Rs.5,000. There was a debit balance of Rs.
Question : A, B and C were partners in a firm sharing profits in the ratio of 2:2:1.
The firm closes its books on 31st March, every year. On 31-12-2015 C died. On that date, his Capital account showed a credit balance of Rs.3,80,000 and Goodwill of the firm was valued
Question : A, B and C are partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 1st April, 2016 the capitals of the partners were: Rs.5,00,000; Rs.3,00,000 and Rs.2,00,000 respectively. The firm closes its books on 31st March every year. C dies on 5th April, 2016.
On
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