Madhav sales pvt.ltd.is an agency which deals in different kind of food products. They buy food on cash is basis whereas their sales on credit due to which they always have liquidity problem. The chairperson called for meeting of finance members. One member suggested that we should use source of finance which require less formalities & maintains secrecy. Other suggested source of finance should be selected keeping in view that co. needs cash credit & overdraft. Third person suggested that co. should buy goods on credit. Quoting the lines from above para identify & explain the sources of finance discussed above.
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X, Y and Z were sharing profits/losses in the ratio of 4:3:1. Y died ina car accident on 12 June 2021. As per the agreement, on death of a partner, his share of profit is to be calculated on the basis of average profit of last 4 years irrespective of profit or loss in the current year. Source: Ultimate Book of Accountancy X and Z decided to share future profits in the ratio of 3:2. Profits/loss for the last 4 years were as follows:
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