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A b c are partners sharing profit and losses in the ratio of 2:3:5 and 31st March 2019 day balance sheet was creditors 64000 bills payable 22,000 general reserve 14000 capital account a 36000 b 44000 c 52000 assets cash 18000 bills receivable 14,000 stock 44,000 debtors 42000 machinery 94000 Goodwill 20000 they admitted d into the partnership on the following terms machinery is depreciation by 15%
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A b c are partners sharing profit and losses in the ratio of 2:3:5 and...
Partnership Admission Overview
When D is admitted into the partnership with A, B, and C, a few adjustments need to be made to the existing balance sheet to reflect the new partnership structure and the depreciation of machinery.
Existing Partnership Profit Sharing Ratio
- A: 2 parts
- B: 3 parts
- C: 5 parts
- Total parts: 10
Calculation of Depreciation on Machinery
- Machinery Value: 94,000
- Depreciation Rate: 15%
- Depreciation Amount: 94,000 * 15% = 14,100
Adjusted Machinery Value
- New Machinery Value: 94,000 - 14,100 = 79,900
Goodwill Calculation
- Existing Capital Contributions:
- A: 36,000
- B: 44,000
- C: 52,000
- Total Capital: 36,000 + 44,000 + 52,000 = 132,000
- Goodwill Value: 20,000
Adjustment of Goodwill for D's Admission
- New Profit Sharing Ratio (after admitting D):
- A: 2/10, B: 3/10, C: 5/10, D: 0/10 (D's share to be determined)
Final Balance Sheet Adjustments
- Creditor's Liabilities: 64,000
- Bills Payable: 22,000
- General Reserve: 14,000
- Adjusted Capital Accounts:
- A: 36,000
- B: 44,000
- C: 52,000
- (D's capital to be calculated based on goodwill and the ratio)
Conclusion
Admitting D into the partnership involves recalculating the capital accounts, adjusting for machinery depreciation, and determining the goodwill value that D will contribute. This process ensures equitable distribution of profits and losses among the partners while reflecting the partnership's financial position accurately.
Community Answer
A b c are partners sharing profit and losses in the ratio of 2:3:5 and...
Es question m D partner ka kitna share hai
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A b c are partners sharing profit and losses in the ratio of 2:3:5 and 31st March 2019 day balance sheet was creditors 64000 bills payable 22,000 general reserve 14000 capital account a 36000 b 44000 c 52000 assets cash 18000 bills receivable 14,000 stock 44,000 debtors 42000 machinery 94000 Goodwill 20000 they admitted d into the partnership on the following terms machinery is depreciation by 15%?
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A b c are partners sharing profit and losses in the ratio of 2:3:5 and 31st March 2019 day balance sheet was creditors 64000 bills payable 22,000 general reserve 14000 capital account a 36000 b 44000 c 52000 assets cash 18000 bills receivable 14,000 stock 44,000 debtors 42000 machinery 94000 Goodwill 20000 they admitted d into the partnership on the following terms machinery is depreciation by 15%? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A b c are partners sharing profit and losses in the ratio of 2:3:5 and 31st March 2019 day balance sheet was creditors 64000 bills payable 22,000 general reserve 14000 capital account a 36000 b 44000 c 52000 assets cash 18000 bills receivable 14,000 stock 44,000 debtors 42000 machinery 94000 Goodwill 20000 they admitted d into the partnership on the following terms machinery is depreciation by 15%? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A b c are partners sharing profit and losses in the ratio of 2:3:5 and 31st March 2019 day balance sheet was creditors 64000 bills payable 22,000 general reserve 14000 capital account a 36000 b 44000 c 52000 assets cash 18000 bills receivable 14,000 stock 44,000 debtors 42000 machinery 94000 Goodwill 20000 they admitted d into the partnership on the following terms machinery is depreciation by 15%?.
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