If total assets of a firm are Rs. 12,00,000 and total liabilities are Rs. 2,40,000, what will the capitals of P, Q and R if they share profits in the ratio of their capitals and profit-sharing ratio is 1: 2: 3. Post category:Accountancy Reading time:1 mins read SOLUTION P Rs. 1,60,000;Q Rs. 3,20,000;R Rs. 4,80,000 Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ 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 PostIf opening capitals of partners are A Rs. 3,00,000, B Rs. 2,00,000 and C Rs. 1,00,000 and their drawings during the year are A Rs. 50,000, B Rs. 40,000 and C Rs. 30,000 and creditors are Rs. 60,000, what will be the amount of assets of the firm? Next PostAt the time of dissolution of a firm, Creditors are 70,000; Partner’s capital is Rs. 1,20,000; Cash Balance is Rs. 10,000. Other assets realised Rs. 1,50,000. What will be the Profit / Loss in the realisation account? You Might Also Like Inventory Turnover Ratio 5 times; Cost of Revenue from Operations (Cost of Goods Sold) Rs. 18,90,000. Calculate Opening Inventory and Closing Inventory if Inventory at the end is 2.5 times more than that in the beginning. August 13, 2022 Name any two items that can be disclosed under ‘Reserve and Surplus’. September 30, 2022 A, B and C were partners in a firm having capitals of Rs. 50,000; Rs. 50,000 and Rs. 1,00,000 respectively. Their Current Account balances were A: Rs. 10,000; B: Rs. 5,000 and C: Rs. 2,000 (Dr.). According to the Partnership Deed the partners were entitled to an interest on Capital @ 10% p.a. C being the working partner was also entitled to a salary of Rs. 12,000 p.a. The profits were to be divided as: (a) The first Rs. 20,000 in proportion to their capitals. (b) Next Rs. 30,000 in the ratio of 5: 3: 2. (c) Remaining profits to be shared equally. The firm earned net profit of Rs. 1,72,000 before charging any of the above items. Prepare Profit and Loss Appropriation Account and pass necessary Journal entry for the appropriation of profits. July 21, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.