Chintu was admitted on the following terms:
(i) He will bring 80,000 as capital and 30,000 for his share of goodwill premium.
(ii) Partners will share future profits in the ratio of 5 : 3 : 2.
(iii) Profit on revaluation of assets and reassessment of liabilities was 7,000.
(iv) After making adjustments, the Capital Accounts of the partners will be in proportion
to Chintu's capital. Balance to be paid off or brought in by the old partners by cheque
as the case may be.
Prepare the Capital Accounts of the partners and Bank Account.
What are the factors affecting goodwill?
Explain various methods of valuation of goodwill.
Meaning of Undervalued and Overvalued (in case of an asset) and its treatment. Also are liabilities undervalued, overvalued too?
what is the treatment for investment fluctuation fund in partnership
expenses on revaluation amounted to 2100 is paid by A.. this is a loss and hence debited to revaluation account but why is this a loss?
Q. 28. Abha and Bimal are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st
March, 2015 they admitted Chintu into partnership for 1/5th share in the profits Of the firm.
On that date their Balance Sheet stood as under:
(i) He will bring 80,000 as capital and 30,000 for his share of goodwill premium.
(ii) Partners will share future profits in the ratio of 5 : 3 : 2.
(iii) Profit on revaluation of assets and reassessment of liabilities was 7,000.
(iv) After making adjustments, the Capital Accounts of the partners will be in proportion
to Chintu's capital. Balance to be paid off or brought in by the old partners by cheque
as the case may be.
Prepare the Capital Accounts of the partners and Bank Account.
what is aims and objectives of admission of partners
what are the provision of as-26 for the treatment of goodwill at the time of admission of a new partner ?