What is meant by reconstitution of partnership firm? Post category:Accountancy Reading time:1 mins read SOLUTION Partnership is the result of agreement and any change in existing agreement brings to an end the existing agreement and a new agreement comes into force. It amounts to reconstitution of the firm. 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 PostMohit, Shobhit and Rohit are partners sharing profits and losses in the ratio 2: 1: 1. Rohit is guaranteed n profit of Rs. 14,000. The firm earned a profit of Rs. 20,000 during the year. Calculate the amount of deficiency borne by Mohit and Shobhit. (C.B.S.E. 2020; Punjab) Next PostState any three circumstances other than:-(i) admission of a new partner; (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise. You Might Also Like Amrit Ltd. was promoted by Amrit and Bhaskar with an authorised capital of Rs. 10,00,000 divide into 1,00,000 shares of Rs. 10 each. The company decided to issue 1,000, 6% Debentures of Rs. 100 each to Amrit and Bhaskar each for their services in incorporating the company. Pass journal entry July 16, 2022 Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3: 2. During the year ended 31st March, 2015 Nusrat had withdrawn Rs. 15,000. Interest on her drawings amounted to Rs. 300. Pass necessary Journal entry for charging interest on drawings assuming that the capitals of the partners were fixed. (Delhi 2016) October 7, 2022 What journal entry will be recorded for writing off the goodwill already existing in Balance Sheet at the time of retirement of a partner? September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Amrit Ltd. was promoted by Amrit and Bhaskar with an authorised capital of Rs. 10,00,000 divide into 1,00,000 shares of Rs. 10 each. The company decided to issue 1,000, 6% Debentures of Rs. 100 each to Amrit and Bhaskar each for their services in incorporating the company. Pass journal entry July 16, 2022
Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3: 2. During the year ended 31st March, 2015 Nusrat had withdrawn Rs. 15,000. Interest on her drawings amounted to Rs. 300. Pass necessary Journal entry for charging interest on drawings assuming that the capitals of the partners were fixed. (Delhi 2016) October 7, 2022
What journal entry will be recorded for writing off the goodwill already existing in Balance Sheet at the time of retirement of a partner? September 27, 2022