Question 26 Chapter 4 of +2-Part-1 26. (Adjustment of Capital) A, B and C were partners, sharing profits and losses in 4:3:2 ratio respectively. They changed their profit sharing ratio to 2:4:3. On 31st March 2018, when their capitals after Read More …
Question 25 Chapter 4 of +2-Part-1 25. (Journal/ Capital a/c/ Balance sheet) X and Y are partners sharing profits in 4:3 ratio. The balance sheet as on 31st March 2018 was as follows: Liabilities Amount Assets Amount Reserves 21,000 Read More …
Question 24 Chapter 4 of +2-Part-1 24. (Revaluation entries/ Capital a/c/ Balance sheet) X, Y and Z are partners in 6:3:1 ratio. Their balance sheet was as under on the date of change of profit ratio which is 2:1:2 for Read More …
Question 23 Chapter 4 of +2-Part-1 23. (Revaluation by passing a single adjustment entry) P, Q and R are sharing profits and losses in the ratio of 5:3:2. They decided to share future profits and losses in the ratio of Read More …
Question 22 Chapter 4 of +2-Part-1 22. (Preparation of B/S) The following is the Balance sheet of A, B and C as on 31st March 2018. The partner share profits in 4:3:3 and they have decided to share profit in Read More …
Question 21 Chapter 4 of +2-Part-1 21. (Revaluation account) Prepare revaluation account of a firm of partner A and B:Creditors gave up claim Rs.4,000; Bills payable reduced by Rs.2,000; Salary outstanding not yet recorded in the books Rs.500; Building Rs.1,00,000 Read More …
Question 20 Chapter 4 of +2-Part-1 20. (Revaluation account) A, B and C are partners in 3:2:1 ratio. On 31st March, 2018 the following revaluation were made:Furniture Rs.25,000, revalued at Rs.22,000; Stock Rs.10,000, revalued at Rs.4,000; Debtors Rs.40,000, Provision required Read More …
Question 19 Chapter 4 of +2-Part-1 19. (Revaluation entries) X and Y share profits in 6:7 ratio. The future ratio will be 4:3 from 1st April 2018. They have decided to make a revaluation of assets and liabilities by passing Read More …
Question 18 Chapter 4 of +2-Part-1 18. (Treatment of Workmen Compensation Reserve) X, Y and Z are partners in 2:3:1 ratio. The new ratio will be 1:2:3. Extract of the balance sheet was followed: Liabilities Amount Workmen Compensation Reserve 30,000 Read More …
Question 17 Chapter 4 of +2-Part-1 17. (Comprehensive Illustration) X,Y and Z are sharing profits and losses in 5:3:2 ratio. They agreed to share profits and losses in the ratio of 2:3:5 with effect from 1st April 2019. They also Read More …