Accounting for Partnership Firms (CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy): Questions 56 - 59 of 135

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Question number: 56

» Accounting for Partnership Firms » Reconstitution and Dissolution » Change in the Profit Sharing Ratio

One Liner Question▾

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Anand, Bhutan and Chadha sharing profits in ratio of 3: 2: 1. On 1st April 2007, they decided to share profits equal. Name the partners who is gaining on consequence of such change.

Question number: 57

» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner

Short Answer Question▾

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P, Q and R were partners in a firm sharing profits in 2: 2: 1 ratio. The firm closes its book on 31 March every year. P died three months after the last accounts were prepared. On that date the goodwill of the firm was valued at Rs. 90,000. On the death of a partner his share of profit in the year of death was to be calculated on the basis of the average profits of the last four years.

profit of last four years

shows year ending profit of four years

Date and year

amount of profit

Year ended 31.3. 2007

2,00,000

Year ended 31.3. 2006

1,80,000

Year ended 31,3.2005

2,10,000

Year ended 31.3. 2004

1,70,000 (Loss)

Pass necessary journal entries for the treatment of goodwill and P’s share of profit on his death.

Show clearly the calculation of P’s share of profit.

Question number: 58

» Accounting for Partnership Firms » Past Adjustments

One Liner Question▾

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Ramesh, a partner in the firm has advanced a loan of a Rs. 1,00,000 to the firm and has demanded on interest@9 % per annum. The partnership deed is silent on the matter. How will you deal with it?

Question number: 59

» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner

One Liner Question▾

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‘How can a partner retire from the firm?

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