Question

emi,nemi and kimi are partner sharing profits in the ratio 5:3:2 . They have admitted vimi into the partnership for 1/6th share. An extract of their balance sheet on 1st April 2020 is as follows.
investment fluctuations funds= 27,000
Investment (cost) = 3,00,000

if the market value of investment is 2,90,000 then the investment fluctuations fund will be shown in the balance sheet of the firms at

(a)27,000 (b)20,000 (c)10,000 (d)13,000
​

Answer 1

Answer:

Accounting or Accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.

Organizations in this sector: Institute of Chartered Accountants in England and Wales

Answer 2

Answer:

Difference between cost price and market value of investments is 10000, thus IFF will be shown at 10000 in balance sheet of new firm