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Rampal and Gopal share profits in the proportions of three - fourth and one - fourth . Their Balance Sheet on March 31st , 2021 was as follows - ₹ 41,500 Liabilities Sundry Creditors Capital Accounts Rampal Gopal 30,000 16,000 Assets Cash at Bank Bills Receivable Debtors Stock Fixtures Land and Building Total ₹22,500 3,000 16,000 20,000 1,000 25,00087,500 Total 87,500 On April 1st , 2021 Harilal was admitted into partnership on the following?
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Rampal and Gopal share profits in the proportions of three - fourth an...
Rampal and Gopal Partnership: Admission of Harilal

Introduction:
The given scenario involves the partnership between Rampal and Gopal. They share profits in the ratio of 3:1. This means that Rampal receives three-fourths of the profits, while Gopal receives one-fourth of the profits. On March 31st, 2021, their balance sheet was as follows:

Balance Sheet on March 31st, 2021:
Liabilities:
- Sundry Creditors: ₹30,000
- Capital Accounts:
- Rampal: ₹22,500
- Gopal: ₹16,000

Assets:
- Cash at Bank: ₹3,000
- Bills Receivable: ₹16,000
- Debtors: ₹20,000
- Stock: ₹1,000
- Fixtures: ₹25,000
- Land and Building: ₹87,500

Total: ₹87,500

Admission of Harilal:
On April 1st, 2021, Harilal was admitted into the partnership. Let's analyze the impact of his admission on the partnership.

1. Calculation of Harilal's Capital:
- The proportion of profits between Rampal and Gopal is 3:1.
- Since Harilal is being admitted, his proportion of profits needs to be determined.
- Assuming Harilal's share of profits is x, the equation becomes:
- Rampal's share : Gopal's share : Harilal's share = 3 : 1 : x
- Since the total proportion of profits is 4 (3+1), the equation can be written as:
- 3x + x = 4
- Solving the equation, we get x = 1/2.
- Therefore, Harilal's share of profits will be one-half (1/2).

2. Calculation of Harilal's Capital Contribution:
- The total capital in the partnership after Harilal's admission will be the sum of Rampal and Gopal's capital accounts, along with the capital contributed by Harilal.
- Rampal's capital: ₹22,500
- Gopal's capital: ₹16,000
- Harilal's capital: ?
- Assuming Harilal's capital contribution is C, the equation becomes:
- Rampal's capital + Gopal's capital + Harilal's capital = Total capital
- ₹22,500 + ₹16,000 + C = Total capital
- Since the total capital after Harilal's admission is not given, we cannot determine Harilal's capital contribution with the given information.

Conclusion:
In conclusion, Harilal's share of profits will be one-half (1/2) of the total profits in the partnership. However, his capital contribution cannot be determined without knowing the total capital after his admission.
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Rampal and Gopal share profits in the proportions of three - fourth and one - fourth . Their Balance Sheet on March 31st , 2021 was as follows - ₹ 41,500 Liabilities Sundry Creditors Capital Accounts Rampal Gopal 30,000 16,000 Assets Cash at Bank Bills Receivable Debtors Stock Fixtures Land and Building Total ₹22,500 3,000 16,000 20,000 1,000 25,00087,500 Total 87,500 On April 1st , 2021 Harilal was admitted into partnership on the following?
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Rampal and Gopal share profits in the proportions of three - fourth and one - fourth . Their Balance Sheet on March 31st , 2021 was as follows - ₹ 41,500 Liabilities Sundry Creditors Capital Accounts Rampal Gopal 30,000 16,000 Assets Cash at Bank Bills Receivable Debtors Stock Fixtures Land and Building Total ₹22,500 3,000 16,000 20,000 1,000 25,00087,500 Total 87,500 On April 1st , 2021 Harilal was admitted into partnership on the following? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Rampal and Gopal share profits in the proportions of three - fourth and one - fourth . Their Balance Sheet on March 31st , 2021 was as follows - ₹ 41,500 Liabilities Sundry Creditors Capital Accounts Rampal Gopal 30,000 16,000 Assets Cash at Bank Bills Receivable Debtors Stock Fixtures Land and Building Total ₹22,500 3,000 16,000 20,000 1,000 25,00087,500 Total 87,500 On April 1st , 2021 Harilal was admitted into partnership on the following? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rampal and Gopal share profits in the proportions of three - fourth and one - fourth . Their Balance Sheet on March 31st , 2021 was as follows - ₹ 41,500 Liabilities Sundry Creditors Capital Accounts Rampal Gopal 30,000 16,000 Assets Cash at Bank Bills Receivable Debtors Stock Fixtures Land and Building Total ₹22,500 3,000 16,000 20,000 1,000 25,00087,500 Total 87,500 On April 1st , 2021 Harilal was admitted into partnership on the following?.
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