and losses in the ratio
(5)
0.5
1
(B) What is Accounting Ratu ! UW
Q.3. Pratik and Prakash are partners in a firm sharing profits and
Their Balance Sheet as on 31st March, 2012 is as follows.
Balance Sheet as on 31st March, 2012
Liabilities
Amt.
Assets
70,000 Goodwill-
Capitals : Pratik
Prakash
50,000 Sundry Debtors
General Reserve
20,000 Less : R.D.D.
4,000 Land and Building
Profit and Loss A/C
Creditors for goods
32,000
Creditors for expenses
8,000
1,84,000
20,000
2,000
Capi
K
s
1
Gen
Kull
Cred
Bills
nip on the following terms:
On 1st April, 2012 Pramod is admitted in the partnership on the foll
(1) Pramod to bring 30,000 for 20% share in future profits.
(2) Goodwill of the firm is valued at 50,000.
(3) R.D.D. is no longer required.
(4) Rent receivable 3,000 to be adjusted in the books.
(5) Capital accounts of partners to be adjusted in new profit sharing ratio hun
account.
Prepare : (1) Profit and Loss Adjustment A/C
(2) Partners' Canital A/cs and
sharing ratio by openi
Answers
Answer:
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C(10) Discount A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C(10) Discount A/C(11) Rent Received A/c (12) Building A/C
2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)(1) Goods A/C(2) Wages A/C(3) Loan A/C(4) Debtors A/C(5) Creditors A/C(6) Furniture A/C(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C(10) Discount A/C(11) Rent Received A/c (12) Building A/CCANA