P nd q r partners in a firm sharing profits nd losses in ratio 2:3.thier fixed capital as on 1st april,2018 were rs 600000 and rs800000 respectively.as per partnership deed both partners r 2 get monthly salary of rs25000 each nd interest on capital@8percent p.a .they r 2 be charged interest on drawings@10%p.a . drawings during the year ended 31/3/19 were P:rs10000p.m and QRs120000 during the year. Firm incurred loss of Rs100000 during the year before above adjustment. prepare p/l appropriation?

Commerce Question

Ashu Pal
Jun 26, 2020
Pata ni

Aryan Srivastava
Aug 05, 2020
Ashok, Bhim and Chetan were partners in a firm sharing profits in the ratio of 3:2:1. Their balance sheet as on 31st March 2019 was as follows:

Liabilities

Rs.

Assets

Rs.

Creditors

Bills Payable

General reserves

Capitals:

Ashok

Bhim

Chetan

100,000

40,000

60,000


200,000

100,000

50,000

Land

Building

Plant

Stock

Debtors

Bank


100,000

100,000

200,000

80,000

60,000

10,000









Ashok, Bhim and Chetan decided to share the future profits equally w.e.f. 1st April 2019, for this, it was agreed that:

Goodwill of the firm is valued at Rs. 300,000.

Land is revalued at Rs. 160,000 and building be depreciated by 6%.

Creditors of Rs. 12,000 were not likely to be claimed and hence, be written off.

Prepare revaluation account, partner’s capital account and balance sheet of the reconstituted firm.

Archita Bharti
Aug 08, 2020
Who is class u

Nitin Rana
Jun 20, 2020
What is balance sheet

Aakanksha Verma
Dec 17, 2020
* "A business from showing what is owed and what the proprietor is what is called a balance sheet"

* " the balance sheet is a statement at a particular date showing on one side the trader's property and possessions and on the other hand the liabilities"



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This discussion on P nd q r partners in a firm sharing profits nd losses in ratio 2:3.thier fixed capital as on 1st april,2018 were rs 600000 and rs800000 respectively.as per partnership deed both partners r 2 get monthly salary of rs25000 each nd interest on capital@8percent p.a .they r 2 be charged interest on drawings@10%p.a . drawings during the year ended 31/3/19 were P:rs10000p.m and QRs120000 during the year. Firm incurred loss of Rs100000 during the year before above adjustment. prepare p/l appropriation? is done on EduRev Study Group by Commerce Students. The Questions and Answers of P nd q r partners in a firm sharing profits nd losses in ratio 2:3.thier fixed capital as on 1st april,2018 were rs 600000 and rs800000 respectively.as per partnership deed both partners r 2 get monthly salary of rs25000 each nd interest on capital@8percent p.a .they r 2 be charged interest on drawings@10%p.a . drawings during the year ended 31/3/19 were P:rs10000p.m and QRs120000 during the year. Firm incurred loss of Rs100000 during the year before above adjustment. prepare p/l appropriation? are solved by group of students and teacher of Commerce, which is also the largest student community of Commerce. If the answer is not available please wait for a while and a community member will probably answer this soon. You can study other questions, MCQs, videos and tests for Commerce on EduRev and even discuss your questions like P nd q r partners in a firm sharing profits nd losses in ratio 2:3.thier fixed capital as on 1st april,2018 were rs 600000 and rs800000 respectively.as per partnership deed both partners r 2 get monthly salary of rs25000 each nd interest on capital@8percent p.a .they r 2 be charged interest on drawings@10%p.a . drawings during the year ended 31/3/19 were P:rs10000p.m and QRs120000 during the year. Firm incurred loss of Rs100000 during the year before above adjustment. prepare p/l appropriation? over here on EduRev! Apart from being the largest Commerce community, EduRev has the largest solved Question bank for Commerce.
This discussion on P nd q r partners in a firm sharing profits nd losses in ratio 2:3.thier fixed capital as on 1st april,2018 were rs 600000 and rs800000 respectively.as per partnership deed both partners r 2 get monthly salary of rs25000 each nd interest on capital@8percent p.a .they r 2 be charged interest on drawings@10%p.a . drawings during the year ended 31/3/19 were P:rs10000p.m and QRs120000 during the year. Firm incurred loss of Rs100000 during the year before above adjustment. prepare p/l appropriation? is done on EduRev Study Group by Commerce Students. The Questions and Answers of P nd q r partners in a firm sharing profits nd losses in ratio 2:3.thier fixed capital as on 1st april,2018 were rs 600000 and rs800000 respectively.as per partnership deed both partners r 2 get monthly salary of rs25000 each nd interest on capital@8percent p.a .they r 2 be charged interest on drawings@10%p.a . drawings during the year ended 31/3/19 were P:rs10000p.m and QRs120000 during the year. Firm incurred loss of Rs100000 during the year before above adjustment. prepare p/l appropriation? are solved by group of students and teacher of Commerce, which is also the largest student community of Commerce. If the answer is not available please wait for a while and a community member will probably answer this soon. You can study other questions, MCQs, videos and tests for Commerce on EduRev and even discuss your questions like P nd q r partners in a firm sharing profits nd losses in ratio 2:3.thier fixed capital as on 1st april,2018 were rs 600000 and rs800000 respectively.as per partnership deed both partners r 2 get monthly salary of rs25000 each nd interest on capital@8percent p.a .they r 2 be charged interest on drawings@10%p.a . drawings during the year ended 31/3/19 were P:rs10000p.m and QRs120000 during the year. Firm incurred loss of Rs100000 during the year before above adjustment. prepare p/l appropriation? over here on EduRev! Apart from being the largest Commerce community, EduRev has the largest solved Question bank for Commerce.