he net profit of a firm was shown as Rs 2 000 and it was later discovered that Discount received were
under cast by Rs 200 and purchases were understated by Rs 150. The corrected net profit was
Answers
Answer:
1Transfer to current account
Correct Answer: Cash only
Q.5) A and B are partners sharing profits in the ratio of 3:2. They admitted C as a new partner for 1/5 share in the future profits of the firm. Calculate new profit sharing ratio of A, B and C
It is 12:8:5
It is 12:10:4
It is 14:10:6
It is 10:7:4
Correct Answer: It is 12:8:5
Q.6) Anand and Nitin are partners sharing profits in the ratio of 3:2. They admitted Jay as a new partner for 3/10 share which she acquired 2/10 from Anand and 1/10 from Nitin. Calculate the new profit sharing ratio of Anand, Nitin and Jay
It is 2:1:1
It is 1:2:2
It is 3:2:2
It is 4:3:3
Correct Answer: It is 4:3:3
Q.7) Raman and Mohan are partners in a firm sharing profits in the ratio of 5:3. They admit Inder as a new partner for 1/7 share in the profit. The new profit sharing ratio will be 4:2:1. Calculate the sacrificing ratio of Raman and Mohan
It is 2:5
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