List any two items that need adjustments in books of account of a firm at the time of admission of a partner. (A1 2014 C) Post category:Accountancy Reading time:1 mins read SOLUTION (i) Adjustment of Accumulated Profits, Losses and Reserves,(ii) Adjustment of Goodwill. 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 PostS, B and j were partners in a firm. T was admitted as a partner in the partnership firm for l/5th share of profits. Calculate the sacrificing ratio of S, B and j. (C.B.S.E. 2019) Next PostWhy is it necessary to revalue assets and liabilities of a firm in case of admission of a partner? (C.B.S.E. Sample Paper 2018) You Might Also Like From the information given below, calculate Trade Receivables Turnover Ratio: Credit Revenue from Operations, i.e., Credit Sales Rs. 8,00,000; Opening Trade Receivables Rs. 1,20,000; and Closing Trade Receivables Rs. 2,00,000. State giving reason, which of the following would increase, decrease or not change Trade Receivables Turnover Ratio: (i) Collection from Trade Receivables Rs. 40,000. (ii) Credit Revenue from Operations, i.e., Credit Sales Rs. 80,000. (iii) Sales Return Rs. 20,000. (iv) Credit Purchase Rs. 1,60,000. August 16, 2022 The firm of Harry, Porter and Ali, who have been sharing profits in the ratio of 2 : 2 : 1, have existed for same years. Ali wants that he should get equal share in the profits with Harry and Porter and he further wishes that the change in the profit-sharing ratio should come into effect retrospectively were for the three years. Harry and Porter have agreement on this account. The profits for the last three years were: July 22, 2022 Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ on the basis of ‘Economic Relationship’. (C.B.S.E. 2016, Delhi) September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
From the information given below, calculate Trade Receivables Turnover Ratio: Credit Revenue from Operations, i.e., Credit Sales Rs. 8,00,000; Opening Trade Receivables Rs. 1,20,000; and Closing Trade Receivables Rs. 2,00,000. State giving reason, which of the following would increase, decrease or not change Trade Receivables Turnover Ratio: (i) Collection from Trade Receivables Rs. 40,000. (ii) Credit Revenue from Operations, i.e., Credit Sales Rs. 80,000. (iii) Sales Return Rs. 20,000. (iv) Credit Purchase Rs. 1,60,000. August 16, 2022
The firm of Harry, Porter and Ali, who have been sharing profits in the ratio of 2 : 2 : 1, have existed for same years. Ali wants that he should get equal share in the profits with Harry and Porter and he further wishes that the change in the profit-sharing ratio should come into effect retrospectively were for the three years. Harry and Porter have agreement on this account. The profits for the last three years were: July 22, 2022
Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ on the basis of ‘Economic Relationship’. (C.B.S.E. 2016, Delhi) September 27, 2022