Question

Rekha surekha and renuka were partner sharing profit and losses in proportion of 2:2:1 respectively following the balance sheet on 31 st march 2014 ? solutions
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Answer 1

Answer:

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Answer 2

Answer:

Rekha, Surekha, and Renuka are partners in a business and share profits and losses in the ratio of 2:2:1 respectively. The balance sheet of the business on 31st March 2014 is as follows:

Liabilities:

• Capital: Rekha - Rs. 80,000, Surekha - Rs. 80,000, Renuka - Rs. 40,000
• Reserve and Surplus: Rs. 10,000
• Creditors: Rs. 20,000
• Assets:

• Cash in hand: Rs. 10,000
• Debtors: Rs. 40,000
• Stock: Rs. 30,000
• Furniture: Rs. 20,000
• Building: Rs. 1,00,000
• Machinery: Rs. 50,000

To find out the profit or loss for the year ended 31st March 2014, we need to prepare the Profit and Loss Account. Let's assume that the business had a turnover of Rs. 5,00,000 and expenses of Rs. 4,00,000 during the year.

Profit and Loss Account:

• Sales: Rs. 5,00,000
• Expenses: Rs. 4,00,000
• Profit: Rs. 1,00,000

Now, we can distribute the profit among the partners based on their profit sharing ratio.

• Rekha's share: 2/5 x Rs. 1,00,000 = Rs. 40,000
• Surekha's share: 2/5 x Rs. 1,00,000 = Rs. 40,000
• Renuka's share: 1/5 x Rs. 1,00,000 = Rs. 20,000

Now, we can update the balance sheet with the new values:

Liabilities:

• Capital: Rekha - Rs. 1,20,000, Surekha - Rs. 1,20,000, Renuka - Rs. 60,000
• Reserve and Surplus: Rs. 1,10,000
• Creditors: Rs. 20,000

Assets:

• Cash in hand: Rs. 10,000
• Debtors: Rs. 40,000
• Stock: Rs. 30,000
• Furniture: Rs. 20,000
• Building: Rs. 1,00,000
• Machinery: Rs. 50,000
• Profit for the year: Rs. 1,00,000

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