There are two partners X and Y in a firm and their capitals are Rs. 50,000 and Rs. 40,000. The Creditors are Rs. 30,000. The assets of the firm realise Rs. 1,00,000. How much will X and Y receive? Post category:Accountancy Reading time:1 mins read Solution 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 PostSrijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st, March, 2017 their Balance Sheet was as follows: Next PostA, B and C were partners sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2019, A’s Capital and B’s Capital were Rs. 30,000 and Rs. 20,000 respectively but C owed Rs. 5,000 to the firm. The liabilities were Rs. 20,000. The assets of the firm realised Rs. 50,000. Prepare Realisation Account, Partner’s Capital Accounts and Bank Account. You Might Also Like What are the other names of liquid ratio? October 1, 2022 Capital Accounts of A and B stood at Rs. 4,00,000 and Rs. 3,00,000 respectively after necessary adjustments in respect of the drawings and the net profit for the year ended 31st March, 2019. It was subsequently noticed that 5% p.a. interest on capital and also drawings were not taken into account in arriving at the distributable profit. The drawings of the partners had been: A – Rs. 12,000 drawn at the end of each quarter and B – Rs. 18,000 drawn at the end of each half year. The profit for the year as adjusted amounted to Rs. 2,00,000. The partners share profits in the ratio of 3 : 2. You are required to pass Journal entries and show adjusted Capital Accounts of the partners. July 22, 2022 X and Y are partners. The Partnership Deed provides inter alia: (a) That the Accounts be balanced on 31st March every year. (b) That the profits be divided as: X one-half, Y one-third and carried to a Reserve one-sixth. (c) That in the event of the death of a partner, his Executors be entitled to be paid: (i) The Capital to his credit till the date of death. (ii) His proportion of profits till the date of death based on the average profits of the last three completed years. (iii) By way of Goodwill, his proportion of the total profits for the three preceding years. (d) BALANCE SHEET as at 31st March, 2021 August 5, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.