Question

kale and gore are partners in a firm of K.gore and Co .sharing profit and loss in the proportion of 3/5 and 2/5 respectively .their balance sheet on 31st march 2009 was as under

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Answer 1

Answer:

A municipal corporation is a local government in India that administers urban areas with a population of more than one million. The growing population and urbanization in various cities of India were in need of a local governing body that can work for providing necessary community services like health care, educational institution, housing, transport etc. by collecting property tax and fixed grant from the State Government.

The 74th amendment act laid down the type of formations of urban local governments and their activities.[1]

Answer 2

Revaluation (loss):

Kale=Rs. 3,591

Gore=Rs. 2,394

Partners Capital:

Kale= Rs. 30,000

Gore=Rs. 10,000

Pandhare= Rs. 10,000

Cash balance=Rs. 5,485

Balance Sheet= 88,400

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