Shirish,Harit and asha were partners in a firm sharing profit and losses in the ratio 5 is to 3 is to 1 series died on 30 June 2018
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Answer:
Sur 30. Shirish,Harit and asha were partners in a firm sharing profit and losses in the ratio 5 is to 3 is to 1 series died on 30 June 2018, Harit and Asha were Shirish,Harit and asha were partners in a firm sharing profit and losses in the ratio 5 is to 3 is to 1 series died on 30 June 2018 in a firm sharing Shirish,Harit and asha Shirish,Harit and asha were partners in a firm sharing profit and losses in the ratio 5 is to 3 is to 1 series died on 30 June 2018 partners in a firm sharing profit and losses in the ratio 5 is to 3 is to 1 series died on 30 June 2018 in the ratio of 5:4:1. Shirish died on 3 June, 2018. On this date their Balance Sheet was follows: BALANCE SHEET OF SHIRISH, HARIT AND ASHA as at 31st March, 2018 Liabilities ₹ Assets Capitals: Plant and Machinery 1,00,000 Stock 2,00,000 Debtors Asha 3,00,000 6,00,000 Cash Profits for the year 2017-18 80,000 20,000 7,00,000 Shirish Harit 5,60,000 90,00 10.000 40.000 Bills Payable 700.000 According to the Partnership Deed, in addition to deceased partner's capital, his executor is entitled to (1) Share in profits in the year of death on the basis of average of last two years' profit. Profit for the year 2016-17 was 60,000. (in Goodwill of the firm was to be valued at 2 years' purchase of average of last two years' profits. Prepare Shirish's Capital Account to be presented to his executor
Answer:
The surviving partners will have to decide how to share the profits and losses of the firm between themselves. T
Explanation:
From the above question,
They have given :
The surviving partners will have to decide how to share the profits and losses of the firm between themselves. This can be done by mutually agreeing on a new ratio of profit and loss sharing.
1. The surviving partners should discuss and agree on a new ratio of profit and loss sharing between themselves.
2. They should then calculate the total profits and losses of the firm and divide it according to the agreed ratio.
3. The profits and losses should then be distributed among the surviving partners.
4. The surviving partners should also decide how to dispose of the assets of the deceased partner (Shirish). This can be done by selling the assets or transferring them to one of the partners.
5. The surviving partners should also decide how to settle any debts that the deceased partner (Shirish) may have had. This includes paying off any outstanding loans or liabilities.
6. The surviving partners should also decide how to treat any profits or losses that were incurred before the death of the deceased partner (Shirish). This can be done by allocating the profits or losses to the surviving partners in the same ratio as the new profit and loss sharing agreement.
7. Finally, the surviving partners should agree on a new partnership agreement to ensure that the business operations and management are consistent going forward.
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