Question

4. What journal entry will be recorded for deceased partner's share in profit from the closure of the
balance sheet till the date of his death, if the profit sharing ratios have changed.
5. A, B and C are partners sharing profits in the ratio of 5:4:3. From 01-04-2018, they decided to sh
the profits in the ratio of 2:2:1. On this date there was a balance of Rs 3,00,000 in General Rese
Account. Instead of closing the General Reserve account it is decided to record an adjustment en
for the same. Pass necessary journal entry.
6. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is Rs 2,50,0
The total interest on partner's drawings is Rs 4000. A salary is Rs 4000 per quarter and B salary is
40000 per annum. Calculate the net profit/loss earned during the year.
7. Give Journal entry to distribute 'Workmen Compensation Reserve' of Rs 50000 at the time
retirement of C, when there is claim of Rs 10000 against it. The firm has three partners A,B an
sharing profits in 5:3:2.
3. A and B are partners in a firm. They admit C as a partner with 1/5th share in the profits of the fire
brings Rs 150000 as his share of capital. The value of total assets of the firm is Rs 500000 and out
liabilities are valued at Rs 70000 on the date. Calculate C share of hidden goodwill.
9. If a loan from Rahul, a partner of Rs 150000 appears on the liabilities side of the Balance Sheet o
firm and Rahul Capital Account has a debit balance of Rs 30000, what Journal entry will you pas
payment of such loan?
0. How are Not-for-profit organisations organized?
Section B (2 mark)
10 Marks​

Answer 1

Answer:

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Explanation:

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