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erma and Naresh were PARTNERS in a firm sharing PROFITS and LOSS in the ratio of 3 : 2 : 2. On 23rd January, 2015 Verma died. Verma’s share of profit till the date of his death was calculated at ₹ 2,350. Pass necessary journal entry for the same in the books of the firm.

TE YOUR ANSWER ISProvision for DOUBTFUL Debts be raised by ₹ 1,000.(B) Stock to be depreciated by 10% and FURNITURE by 5%.(c) Their is an outstanding claim of DAMAGES of ₹ 1,100 and it is to be provided for.(d) Creditors will be written back by ₹ 6,000.(e) Goodwill of the firm is valued at ₹ 22,000.(f) Bills paid in full with the cash brought in by A andHOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️

tion of Gaining RATIO  Old Ratio (Kusum, Sneh and Usha) = 2:3:2New Ratio (Sneh and Usha) = 3:4Gaining Ratio = New Ratio – Old Ratio ADJUSTMENT of GoodwillTotal Goodwill of the Firm = 2,80,000It is to be ADJUSTED by the Gaining PARTNERS i.e. only by UshaAdjustment of Capital

o bring = 86,400−26,880=RS 59,520  Explanation:Total CAPITAL of FIRM before retirement = 1,03,680+87,840+26,880 = Rs 2,18,400Availability of cash = 9,600 - 7,200 (MINIMUM BALANCE) = Rs 2,400Combined new capital of X and Z=Rs 2,16,000X's new capital = 2,16,000×35=Rs 1,29,600Existing capital of X= Rs 1,03,680So, X has to bring = 1,29,600−1,03,680= Rs 25,920Z's new capital = 2,16,000×25=Rs 86,400Existing capital of Z = Rs 26,880So, Z has to bring = 86,400−26,880=Rs 59,520

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are of goodwill is to be distributed between X and Y in their gaining ratio (i.e. 3 : 1). EXPLANATION:Calculation of Profit Sharing Ratio Old Ratio (X, Y and Z) = 3 : 1 : 2 Z retires from the firm. ∴ New Ratio (X and Y) = 3 : 1 and Gaining Ratio = 3 : 1Adjustment of Goodwill Goodwill of the firm = Rs 21,000 Z’s Share of Goodwill =  21,000 × =Rs.7,000 This share of goodwill is to be distributed between X and Y in their gaining ratio (i.e. 3 : 1). X's Share =Rs.7,000× =Rs.5,250Y's Share =Rs.7,000×=Rs.1,750Adjustment of Partners’ CAPITAL after Z’s Retirement Combined Capital of X and Y after all ADJUSTMENTS = 34,230 + 21,410 = Rs. 55,640 New Ratio = 3 : 1 X's New Capital =55,650× =Rs.41,730Y's New Capital = 55,650× =Rs.13,910

s in Rs 40,500 (2,20,500 – 1,80,000) Z BRINGS in Rs 93,000 (1,47,500 – 54,000)Explanation:NEW CAPITAL = 1,80,000 + 54,000 + 1,33,500 = Rs 3,67,500 X's New Capital=3,67,500×=2,20,500Z's New Capital=3,67,500×=1,47,500 X brings in Rs 40,500 (2,20,500 – 1,80,000) Z brings in Rs 93,000 (1,47,500 – 54,000)

information is given regarding the SHARE ACQUIRED by AMIT and Balan, therefore, their gaining RATIO is same as their new profit sharing ratio i.e. 3 : 2.Explanation:Adjustment of Goodwill Chander's share of Goodwill = 27,000×Amit will pay = 4,500×Balan will pay =4,500×Adjustment of Capital ADJUSTED Old Capital of Amit =44,800 (40,000+4,500+300)−2,700=Rs 42,100Adjusted Old Capital of Balan=39,700 (36,500+3,000+200)−1,800=Rs 37,900Total Adjusted Capital=42,100+37,900=Rs 80,000New Profit Sharing Ratio=3:2Amit's New Capital=80,000×35=Rs 48,000Balan's New Capital=80,000×25=Rs 32,000Since, here no information is given regarding the share acquired by Amit and Balan, therefore, their gaining ratio is same as their new profit sharing ratio i.e. 3 : 2.

by opening Current Accounts.Prepare REVALUATION Account, PARTNERS Capital Accounts and Balance Sheet of the NEW firm.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️

re of goodwill is to be distributed between X and Z in their =3 : 1(GAINING Ratio)Explanation:1) Calculation of Profit Sharing RatioCapital ratio(A ,B and C) =45,000 :30,000: 15,000Old ratio(A,B and C ) =3:2:1 B retires from the firm.New Gaining ratio (A:C) =3:1 2)Adjustment of goodwillGoodwill of the firm =Rs.18,000B's share of goodwill =18,000× = 6,000B's share of goodwill is to be distributed between X and Z in their =3 : 1(Gaining Ratio)A's  6,000 × = 4,500 rs.C's  = 6,000 × = 1,500 rs.3) Adjustment of PARTNER's Capital after B's retirement  (Old ratio)Total capital of the new Firm (After B's Retirement ) =Rs.60,000New Ratio =3:1A's capital =60,000× =Rs.45,000C's Capital 60,000× = Rs.15,000

re of GOODWILL is to be distributed between X and Z in their =3 : 1(Gaining Ratio)EXPLANATION:X : Y : Z =   3 : 2 : 1( Old ratio)Y RETIRES from the FIRM.Gaining Ratio = x : z =3 : 1Total capital of the new firm =Rs. 2,10,000Y's share of goodwill is to be distributed between X and Z in their =3 : 1(Gaining Ratio)X's  = 2,10,000× = 1,57,500 rs.Z's  = 2,10,000 × =  52,500 rs.

j MAY IKNOW yjng QUES pls find attached the

tion:Amount DUE to Z's =(21,000+3,480+2,320+1,875+1,000)-(1000+133+875+17,600) =10,067Amount PAID on Retirement IMMEDIATELY: Rs 5,067Amount paid with 1 year :(5000× 50%) = Rs.2500.Amount pays by BILL of exchange (50% of Balance) = Rs.2,500

re of goodwill is to be DISTRIBUTED between X and Z in their =2 : 1(Gaining Ratio) STEP by Step Explanation:Adjustment of goodwillX : Y : Z = 4 : 3 : 2( Old ratio)Y RETIRES from the firm.Gaining Ratio = 4 : 2 =2 : 1Goodwill of the firm =RS. 5,400Ys Goodwill = 5,400× = 1,800 rs.X's  = 1,800× = 1,200 rs.Z's  = 1,800 × = 600 rs.Y's share of goodwill is to be distributed between X and Z in their =2 : 1(Gaining Ratio)

Notes:WN1: CALCULATION of G's Share of Goodwill(to be borne by gaining partners in gaining ratio)WN1: Calculation of Gaining Ratio Gaining Ratio = New Ratio - Old RatioWN2: Calculation of Excess/Deficit PROVISION for Doubtful DebtsWN3: Calculation of G's Loan BALANCE Amount due to G = Opening Capital + Credits - Debits

by OPENING CURRENT Accounts.Prepare Revaluation Account, Partners CAPITAL Accounts and BALANCE Sheet of the new firm.HOPE TIS HELPS ❤️PLEASEMARK AS BRAINLIEST ❤️❤️

Notes:WN1: CALCULATION of Goodwill (to be BORNE by GAINING PARTNERS in gaining RATIO)

Notes:1. Calculation of Gaining RATIO Old Ratio (Ram, Laxman and Bharat) = 3 : 2 : 1 New Ratio (Ram and Bharat) = 2 : 1 Gaining Ratio = New Ratio - Old RatioGaining Ratio (Ram and Bharat) = 1 : 12. Calculation of Retiring Partner's SHARE of goodwillLaxman's share of goodwill is to be debited to remaining partners Capital A/c in their Gaining ratio (Ram, Bharat) = 1 : 1

Notes:1. CALCULATION of Average PROFIT ( 1ST APRIL 2017 to 30th September 2017)2 . Calculation of Goodwill

eneral Reserve A/c Dr.1,80,000Workmen COMPENSATION Reserve A/c Dr.24,000To X’s Capital A/c1,02,000To Y’s Capital A/c68,000To Z’s Capital A/c34,000(Being accumulated profit distributed AMONG partners in old RATIO)X’s Capital A/c Dr.15,000Y’s Capital A/c Dr.10,000Z’s Capital A/c Dr.5,000To Profit and Loss A/c30,000(Being debit balance in profit and loss A/c distributed among partners in old ratio)Working note:1. Calculation of share in credit balance of ReserveTotal credit balance of Reserves = General Reserve + WCF= 1,80,000 + 24,000= 2,04,000X’s share = 2,04,000 X 3/6 = Rs. 1,02,000Y’s share = 2,04,000 X 2/6 = Rs. 68,000Z’s share = 2,04,000 X 1/6 = Rs. 34,0002. Calculation of share in debit balance of Profit and Loss A/cX’s share = 30,00 X 3/6 = Rs. 15,000Y’s share = 30,000 X 2/6 = Rs. 10,000Z’s share = 30,000 X 1/6 = Rs. 5,000Note: Employer PROVIDENT FUND will not be distributed as it is a liability and not accumulated profit.

re of GOODWILL is to be distributed between X and Z in their =4 : 3(GAINING RATIO)Step by Step Explanation:Adjustment of goodwillA : B : C = 4 : 3 : 3( Old ratio)B retires from the firm.So the Gaining ratio between A and C is 4 : 3Goodwill of the firm =Rs. 14,000Bs Goodwill = 14000× = 4,200 rs.A's  = 4,200× = 2,400 rs.C's  = 4,200 × = 1,800 rs.B's SHARE of goodwill is to be distributed between X and Z in their =4 : 3(Gaining Ratio).

% o Debtors.(c) The Land and Building be APPRECIATED by 20%.(d) A PROVISION of ₹ 4,000 be made in respect of outstanding bills for repairs.(e) The GOODWILL of the entire firm be fixed at ₹ 21,600HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️

e Question:Y died on 30th June, 2018 . The PARTNERSHIP Deed provided for the following on the death of a  PARTNER: (i) Goodwill of the business was to be calculated on the BASIS of 2 times the average profit of the PAST 5 years. The profits for the years ended 31st March, 2018, 31st March, 2017, 31st March, 2016, 31st March, 2015 and 31 st March, 2014 were ₹ 3,20,000 (Loss); ₹ 1,00,000; ₹ 1,60,000; ₹ 2,20,000 and ₹4,40,000 respectively.(ii) Y's share of profit or loss from 1st April, 2018 till his death was to be calculated on the basis of the profit or loss for the year ended 31st March, 2018. You are required to calculate the following: (a) Goodwill of the firm and Y's share of goodwill at the time of his death. (b) Y's share in the profit or loss of the firm till the date of his death. (c) Prepare Y's Capital Account at the time of his death to be presented to his executors.Solution:Working Notes: WN1: Calculation of Y's Share of Profit/LossY's share = Last Year's Profit/Loss x Y's Profit Share x Period for which Y remained in the business

Notes:Calculation of Gaining Ratio Gaining Ratio = NEW share - Old ShareThus, Both Asha and NAVEEN would be compensated by SHALINI in the ratio of 1 : 3

re the journal entries to record the above ADJUSTMENTS and PREPARE the REVALUATION ACCOUNT.

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Rs.30,000Explanation:working notes:WN1: calculate the GAINING ratio " A,B,C,D "="1:1:2:1 (old ratio)A:B:C=1:1:1 (new ratio)gaining ratio =new ratio - old ratioA's gain =1/3-2/6=(2-2)/6 =1/6B's gain = 1/3-1/6=(2-1)/6 =1/6D's gain =1/3-1/6=(2-1)/6 =1/6A:B:D=0:1:1WN2: calculating of RETRYING partner's share of godwillC's share of goodwill =1,80,000 of 2/6 =Rs.60,000C's share of goodwill will be brought by B and D in their gaining ratio 1:1There FORE B's capital A/c will be debited with 60,000*1/2=Rs.30,000And D's capital A/c will be debited with 60,000*1/2=Rs.30,000mark me as a brainliest answer.hope it helps you please follow me

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Profit SHARING REFERS to various incentive plans INTRODUCED by businesses that provide direct or indirect payments to employees that depend on company's profitability in addition to employees' regular salary and bonuses. In publicly traded COMPANIES these plans typically amount to allocation of shares to employees.

Profit sharing REFERS to various incentive plans INTRODUCED by BUSINESSES that provide direct or indirect payments to employees that DEPEND on COMPANY's profitability in addition to employees' regular salary and bonuses. In publicly traded companies these plans typically amount to allocation of shares to employees.

Notes: WN1: Calculation of Gaining RATIO X :Y :Z=3:2:1 (Old ratio)X :Z = 2:1 (NEW ratio)Gaining Ratio = New Ratio - Old RatioWN2: Calculation of Retiring Partner’s Share of GoodwillY's share of goodwill will be brought by X and Z in their gaining ratio 1:1Therefore, X's CAPITAL A/c will be debited with And, Y's Capital A/c will be debited with

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qd8dqdacavthe ratio of 3 : 2 : 1. Goodwill is APPEARING in the books at a value of ₹ 60,000. Pammy retires and at the time of Pammy’s retirement, goodwill is VALUED at ₹ 84,000. HANNY and SUNNY decided to share futurel acgs

A partnership is an arrangement where parties, known as BUSINESS PARTNERS, agree to cooperate to advance their MUTUAL interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or COMBINATIONS

Profit sharing refers to various incentive plans introduced by businesses that provide DIRECT or INDIRECT payments to employees that depend on company's PROFITABILITY in addition to employees' REGULAR salary and bonuses. In publicly traded companies these plans typically amount to allocation of SHARES to employees.

gives his share to A and C in EQUAL proportion.(c) If B gives his share to A and C in the RATIO of 3 : 1.(d) If B gives his share to A only.HOPE THIS HELPS ❤️PLEASEMARK AS BRAINLIEST ❤️❤️

Murli, NAVEEN and Omprakash are partners sharing profits in the RATIO of 3/8, 1/2 and 1/8. Murli retires and surrenders 2/3rd of his share in FAVOUR of Naveen and remaining share in favour of Omprakash

fit-SHARING ratio and Gaining Ratio are calculated below:Explanation:GIVEN,P, Q and R are partners who are sharing profits in the ratio of 7 : 5 : 3. P: Q: R=7: 5: 3 (Old Ratio)After P's retirement, it is decided that profit-sharing ratio between Q and R will be same as existing between P and Q. Q : R =7: 5 (New Ratio) Calculation of Gaining Ratio:Calculation of Gaining Ratio is DONE using the below formulaGaining Ratio = New Ratio - Old Ratio New Ganing Ratio (Q and R) = 15:13Thus, the New profit-sharing ratio and Gaining Ratio will be 15 : 13

fit-sharing ratio of A and B is calculated below:EXPLANATION:Given,A, B and C are partners who are sharing profits in the ratio of 5 : 3 : 2. Old Ratio in the A, B and C = 5: 3: 2After C's RETIREMENT, his share is taken up by ARe tiring Partner C's Profit Share C's share is taken by A in entriety after his retirement.Calculation of NEW Ratio:New Ratio = Old Ratio + Share from CNew Ratio of A will beNew ratio of B will be Therefore, the New Profit sharing Ratio of A and B=7: 3

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19 : 5 : 26Kumar, LAKSHYA, MANOJ and Naresh are partners sharing PROFITS in the ratio of 3 : 2 : 1 : 4.Let the profit of Kumar be , Laksuya , Manoj , and Naresh .*We can let , , , .Since their sum is equal to whole profit,→ ∴ Also, we KNOW Lakshya and Manoj getsthe profit of Kumar in the ratio of 3 : 2.We know the profit of Kumar was .Lakshya GETS of .→ Lakshya gets .Kumar gets of .→ Kumar gets .Now add the profit.*Previous Profit + Kumar's ProfitLakshya : Manoj : Kumar : Their ratio is .