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. Cash paid to A’s executors account is
Option 1: Rs 42,000
Option 2: Rs 40,000
Option 3: Rs 54,000
Option 4: None of the above
Correct Answer: Rs 42,000
Solution : Answer = Rs 42,000
A’s executors A/C Dr. 54000 To Unrecorded Furniture A/c 12,000 To Cash - 42000
Hence, the correct option is 1.
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
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 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
Question : Calculate the amount of depreciation on Furniture and loss on the sale of furniture:
Opening balance of furniture Rs 2,000
Closing balance of furniture Rs 1,080
Sale of furniture Rs 750
Depreciation charged on furniture is 10%.
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.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile