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Subject: Accountancy, asked on 9/7/17

What entry do we pass when goodwill account is raised in case of retirement? Explain also

Subject: Accountancy, asked on 7/7/17

Question 12

Subject: Accountancy, asked on 5/7/17

A, B and C are partners in a firm sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet 6 on 31st December, 2010 was as follows: 



​A died on 31st March, 2011. The Partnership Deed provided for the following on the death of a partner
 
  1. Goodwill of the firm was to be valued at 2 years purchase of the average profits of the last three years. The profits for the years ended on 31st December 2010, 31st December, 2009 and 31st December 2008 were Rs. 60,000; Rs. 90,000 and Rs. 30,000 respectively.
 
  1. A’s share of profit till the date of his death was to be calculated on the basis of the last year’s profit.
 
  1. Interest on Capital was to be allowed @ 10% p.a.
 
  1. Provision for doubtful debts is not required now.
 
  1. Depreciate Plant and Machinery by 10% and stock is to be valued at Rs. 50,000.
 
  1. A sum of Rs. 20,000 was paid immediately to A’s Executors.
 
Prepare Revaluation Account and Partners’ Capital Accounts
​

Subject: Accountancy, asked on 5/7/17

  1. Umair and Krishan commenced business on 1st April, 2012, sharing profits in the ratio of 5:3. They        contributed Rs.1, 00,000 and Rs.30,000 respectively as their capital.  In addition Umair also advanced Rs.40, 000 on 1st September 2012 as a loan to the firm. Umair met with a road accident and was unable to attend the partnership business for a long time. The firm decided to provide him Rs.20,000 to meet ​ his medical expenses. The firm also decided to allow him 9% interest on loan advanced by him. On 31st march, 2013 Umair died and Krishan decided to continue partnership with Umair’s wife, Najma to provide financial assistance to Umair’s wife and children.
 
  1. Prepare Profit & Loss Appropriation Account if interest on capital provided @8% p.a. and net profit earned during the year was Rs.1, 80,000.
 
  2. Identify the values being highlighted in the question.                    

Subject: Accountancy, asked on 5/7/17

Jag,Pravesh and Chander are partners in a firm sharing profits in the ratio of 5 : 3: 2 respectively. Firm closes its accounts on 31st March every year. Jagu died on 30th September 2012. There was a balance of 47,000 in Jag’s capital Account at the beginning of the year. In the event of death of any partner, the partnership deed provides for the following.
 
  1. Interest on Capital will be calculated at the rate of 12% p.a
 
  1. Reserve fund of the firm is 1,00,000
 
  1. His share of profit till the date of death will be calculated on the basis of sales. It is also
 
specified that the sales during the ear 2011- 2012 were Rs. 10,00,000. The sales form 1st April 2012 to 30th September, 2012 were Rs. 2, 00,000. The profits of the firm for the year ending
31st March 2012 was Rs. 1, 00,000.
Prepare Jag’s Capital Account to be presented to his representatives.

Subject: Accountancy, asked on 4/7/17

  Puneet, Ryan and Sahil are in a partnership sharing profits 7/12, 3/12 and 2/12 respectively. It is    
provided under the partnership deed that on the death of any partner his share of goodwill is to be valued at one half of the net profits credited to his account during the last 4 completed years
(Accounts are closed on 31st December)
Ryan died on 1st March, 2008. The firm’s profits for the last 4 years were as follows: 2004 Profits
Rs.1,20,000, 2005 Profits Rs.60,000, 2006 Loss Rs.20,000 and 2007 Profits Rs.80,000.
 
Pass the journal entry regarding goodwill assuming that profit sharing ratio between Puneet and Sahil in future will be 3:2.

Subject: Accountancy, asked on 3/7/17

John wants to retire from the firm. The profit on revaluation on that date is Rs.15, 000. Mohan and Abdul want to share this in their new profit sharing ratio, 3:2. John wants this share equally. How is this profit to be shared?

Subject: Accountancy, asked on 30/6/17

Is Partner's Capital Account a Real Account ?

Subject: Accountancy, asked on 29/6/17

1.Puneet, Pankaj and Pammy are partners in a business sharing profits and losses in the ratio of 2:2:1 respectively. Their balance sheet as on March 31, 2007 was as follows:
  Books of Puneet, Pankaj and Pammy
    Balance Sheet as on March 31, 2007
    Liabilities Amount
Rs Assets Amount
Rs Sundry Creditors 1,00,000 Cash at Bank 20,000 Capital Accounts:   Stock 30,000 Puneet 60,000   Sundry Debtors 80,000 Pankaj 1,00,000   Investments 70,000 Pammy 40,000 2,00,000 Furniture 35,000 Reserve   50,000 Buildings 1,15,000   3,50,000   3,50,000                      
Mr. Pammy died on September 30, 2007. The partnership deed provided the following: (i) The deceased partner will be entitled to his share of profit up to the date of death calculated on the basis of previous year’s profit. (ii) He will be entitled to his share of goodwill of the firm calculated on the basis of 3 years’ purchase of average of last 4 years’ profit. The profits for the last four financial years are given below: for 2003–04; Rs 80,000; for 2004–05, Rs 50,000; for 2005–06, Rs 40,000; for 2006–07, Rs 30,000.
The drawings of the deceased partner up to the date of death amounted to Rs 10,000. Interest on capital is to be allowed at 12% per annum.
Surviving partners agreed that Rs 15,400 should be paid to the executors immediately and the balance in four equal yearly instalments with interest at 12% p.a. on outstanding balance.
Show Mr. Pammy’s Capital account, his Executor’s account till the settlement of the amount due.  
 

Subject: Accountancy, asked on 28/6/17

Plz sove ques_8 continued on another page as well

Subject: Accountancy, asked on 28/6/17

Plz solve Qu 14

Subject: Accountancy, asked on 28/6/17

Plz solve both_the Question no 4 & 6

Subject: Accountancy, asked on 26/6/17

Neha Chopra ma'am can you please send me the partners capital account for this questions.Plz ma'am its urgent.

Subject: Accountancy, asked on 21/6/17

My bank loan and capital of A is not matching.

Subject: Accountancy, asked on 20/6/17

My balance sheet is not matching..I just want the b/s.

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