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. Post category:Accountancy Reading time:1 mins read SOLUTION P Rs. 1.75,000;Q Rs. 1,40,000;R Rs. 1,05,000 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 PostCreditors amounting to Rs. 80,000 are transferred to Realisation Account. What entry will be made on their payment if Rs. 10,000 of the creditors are not to be paid and the remaining creditors agreed to accept 20% less amount? Next PostOn the basis of following data, how much final payment will be made to a partner on firm’s dissolution? Debit balance of Capital Account Rs. 5,000; Share of his profit on realisation Rs. 28,000; Firm’s asset taken over by him for Rs. 6,000. You Might Also Like On 31st March, 2019, after the closing of the accounts, the Capital Accounts of P, Q and R stood in the books of the firm at Rs. 40,000; Rs. 30,000 and Rs. 20,000 respectively. Subsequently, it was noticed that interest on capital @ 5% had been omitted. Profit for the year ended 31st March, 2019 was Rs. 60,000 and the partners’ drawings had been P – Rs. 10,000, Q Rs. 7,500 and R – Rs. 4,500. Profit-sharing ratio of P, Q and R is 3 : 2 : 1. Give necessary adjustment entry July 22, 2022 A and B are partners in a firm with capital of Rs. 60,000 and Rs. 1,20,000 respectively. They decide to admit C into the partnership for 1/4th share in the future profits. C is to bring in a sum of Rs. 70,000 as his capital. Calculate amount of goodwill. August 1, 2022 List any two items that may appear on the credit side of the Capital Account of a partner when the capitals are fluctuating. September 23, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.