At the time of admission of a partner, who decides the share of profit of the new partner out of the firm’s profit? Post category:Accountancy Reading time:1 mins read SOLUTION Share of profit of the new partner is decided mutually among the old partners and the new partner. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostHow can a new partner be admitted? Next PostGive the two main rights acquired by the new partner. You Might Also Like If total assets of a firm are Rs. 6,00,000 and total liabilities are Rs. 1,80,000, what will the capitals of P, Q and R if they share profits in the ratio of their capitals and profit-sharing ratio is 5: 4: 3. September 27, 2022 Amit and Vijay started a partnership business on 1st April, 2018. Their capital contributions were Rs. 2,00,000 and Rs. 1,50,000 respectively. The Partnership Deed provided as follows: (a) Interest on capital be allowed @ 10% p.a. (b) Amit to get a salary of Rs. 2,000 per month and Vijay Rs. 3,000 per month. (c) Profits are to be shared in the ratio of 3: 2. Net profit for the year ended 31st March, 2019 was Rs. 2,16,000. Interest on drawings amounted to Rs. 2,200 for Amit and Rs. 2,500 for Vijay. Prepare Profit and Loss Appropriation Account. July 21, 2022 Jamuna, Ganga and Krishna are partners in a firm. Krishna retired from the firm. After making adjustments for Reserves and Revaluation of Assets and Liabilities, the balance in Krishna’s capital account was Rs. 1,20,000. Jamuna and Ganga paid Rs. 1,80,000 in full settlement to Krishna. Identify the item for which Jamuna and Ganga paid Rs. 60.000 more to Krishna. September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
If total assets of a firm are Rs. 6,00,000 and total liabilities are Rs. 1,80,000, what will the capitals of P, Q and R if they share profits in the ratio of their capitals and profit-sharing ratio is 5: 4: 3. September 27, 2022
Amit and Vijay started a partnership business on 1st April, 2018. Their capital contributions were Rs. 2,00,000 and Rs. 1,50,000 respectively. The Partnership Deed provided as follows: (a) Interest on capital be allowed @ 10% p.a. (b) Amit to get a salary of Rs. 2,000 per month and Vijay Rs. 3,000 per month. (c) Profits are to be shared in the ratio of 3: 2. Net profit for the year ended 31st March, 2019 was Rs. 2,16,000. Interest on drawings amounted to Rs. 2,200 for Amit and Rs. 2,500 for Vijay. Prepare Profit and Loss Appropriation Account. July 21, 2022
Jamuna, Ganga and Krishna are partners in a firm. Krishna retired from the firm. After making adjustments for Reserves and Revaluation of Assets and Liabilities, the balance in Krishna’s capital account was Rs. 1,20,000. Jamuna and Ganga paid Rs. 1,80,000 in full settlement to Krishna. Identify the item for which Jamuna and Ganga paid Rs. 60.000 more to Krishna. September 27, 2022