When there is change in profit sharing ratio amongst existing partners, should the assets and liabilities be revalued? Post category:Accountancy Reading time:1 mins read SOLUTION Yes. Because the profit or loss on revaluation should by credited or debited to the accounts of the partners in their old profit-sharing ratio. 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 PostWhen there is change in the profit-sharing ratio amongst existing partners, does it require adjustment for goodwill? Next PostWhat is the nature of ‘Revaluation Account’? You Might Also Like Brij and Mohan are partners in a firm. They withdrew Rs. 48,000 and Rs. 36,000 respectively during the year evenly in the middle of every month. According to the partnership agreement, interest on drawings is to be charged @ 10% p.a. Calculate interest on drawings of the partners using the appropriate formula. July 21, 2022 Ankit, Bhanu and Charu are partners in a firm sharing profits and losses equally with capital of Rs. 2,50,000 each. On 1st October, 2021, Ankit and Bhanu gave loans of Rs. 2,50,000 each to the firm whereas Charu took a loan of Rs. 1,00,000 from the firm on the same date. It was agreed among the partners that Charu will be charged Interest @ 6% pa. Interest on loan from partners was paid on 10th April, 2022.The firm closes its books on 31st March each year. Pass the Journal entries in the books of the firm for the year ended 31st March, 2022. October 11, 2022 Journalise the following: (a) A debenture issued at Rs.95, repayable at Rs. 100. (b) A debenture issued at Rs.95, repayable at Rs. 105. (c) A debenture issued at Rs.95, repayable at Rs. 105. The face value of debenture is Rs. 100 in each of the above cases. July 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Brij and Mohan are partners in a firm. They withdrew Rs. 48,000 and Rs. 36,000 respectively during the year evenly in the middle of every month. According to the partnership agreement, interest on drawings is to be charged @ 10% p.a. Calculate interest on drawings of the partners using the appropriate formula. July 21, 2022
Ankit, Bhanu and Charu are partners in a firm sharing profits and losses equally with capital of Rs. 2,50,000 each. On 1st October, 2021, Ankit and Bhanu gave loans of Rs. 2,50,000 each to the firm whereas Charu took a loan of Rs. 1,00,000 from the firm on the same date. It was agreed among the partners that Charu will be charged Interest @ 6% pa. Interest on loan from partners was paid on 10th April, 2022.The firm closes its books on 31st March each year. Pass the Journal entries in the books of the firm for the year ended 31st March, 2022. October 11, 2022
Journalise the following: (a) A debenture issued at Rs.95, repayable at Rs. 100. (b) A debenture issued at Rs.95, repayable at Rs. 105. (c) A debenture issued at Rs.95, repayable at Rs. 105. The face value of debenture is Rs. 100 in each of the above cases. July 18, 2022