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Based on the below information, answer the given questions:Aditi and Parul are partners in a firm with capitals of ₹35,000 each. They shared profits and losses in the ratio of 3 : 1. On 1st April, 2017, they admitted Chanda into their partnership with 1/5th share in the profits. Chanda brings in ₹40,000 as her capital and her share of goodwill in cash. Her share of goodwill is calculated on the basis of her capital contribution and her share of profits in the firm. At the time of Chanda’s admission :(a) The firm had a Workmen Compensation Reserve of ₹ 60,000 against which there was a claim of ₹ 20,000.(b) Creditors of ₹ 8,000 were paid by Aditi privately for which she is not to be reimbursed.(c) There was no change in the value of other assets and liabilities.In which account will the gain on the creditor's account be transferred?a)Realisation Accountb)Revaluation Accountc)Aditi’s Capital Accountd)Parul’s Capital AccountCorrect answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Based on the below information, answer the given questions:Aditi and Parul are partners in a firm with capitals of ₹35,000 each. They shared profits and losses in the ratio of 3 : 1. On 1st April, 2017, they admitted Chanda into their partnership with 1/5th share in the profits. Chanda brings in ₹40,000 as her capital and her share of goodwill in cash. Her share of goodwill is calculated on the basis of her capital contribution and her share of profits in the firm. At the time of Chanda’s admission :(a) The firm had a Workmen Compensation Reserve of ₹ 60,000 against which there was a claim of ₹ 20,000.(b) Creditors of ₹ 8,000 were paid by Aditi privately for which she is not to be reimbursed.(c) There was no change in the value of other assets and liabilities.In which account will the gain on the creditor's account be transferred?a)Realisation Accountb)Revaluation Accountc)Aditi’s Capital Accountd)Parul’s Capital AccountCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Based on the below information, answer the given questions:Aditi and Parul are partners in a firm with capitals of ₹35,000 each. They shared profits and losses in the ratio of 3 : 1. On 1st April, 2017, they admitted Chanda into their partnership with 1/5th share in the profits. Chanda brings in ₹40,000 as her capital and her share of goodwill in cash. Her share of goodwill is calculated on the basis of her capital contribution and her share of profits in the firm. At the time of Chanda’s admission :(a) The firm had a Workmen Compensation Reserve of ₹ 60,000 against which there was a claim of ₹ 20,000.(b) Creditors of ₹ 8,000 were paid by Aditi privately for which she is not to be reimbursed.(c) There was no change in the value of other assets and liabilities.In which account will the gain on the creditor's account be transferred?a)Realisation Accountb)Revaluation Accountc)Aditi’s Capital Accountd)Parul’s Capital AccountCorrect answer is option 'B'. Can you explain this answer?.

Solutions for Based on the below information, answer the given questions:Aditi and Parul are partners in a firm with capitals of ₹35,000 each. They shared profits and losses in the ratio of 3 : 1. On 1st April, 2017, they admitted Chanda into their partnership with 1/5th share in the profits. Chanda brings in ₹40,000 as her capital and her share of goodwill in cash. Her share of goodwill is calculated on the basis of her capital contribution and her share of profits in the firm. At the time of Chanda’s admission :(a) The firm had a Workmen Compensation Reserve of ₹ 60,000 against which there was a claim of ₹ 20,000.(b) Creditors of ₹ 8,000 were paid by Aditi privately for which she is not to be reimbursed.(c) There was no change in the value of other assets and liabilities.In which account will the gain on the creditor's account be transferred?a)Realisation Accountb)Revaluation Accountc)Aditi’s Capital Accountd)Parul’s Capital AccountCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of Based on the below information, answer the given questions:Aditi and Parul are partners in a firm with capitals of ₹35,000 each. They shared profits and losses in the ratio of 3 : 1. On 1st April, 2017, they admitted Chanda into their partnership with 1/5th share in the profits. Chanda brings in ₹40,000 as her capital and her share of goodwill in cash. Her share of goodwill is calculated on the basis of her capital contribution and her share of profits in the firm. At the time of Chanda’s admission :(a) The firm had a Workmen Compensation Reserve of ₹ 60,000 against which there was a claim of ₹ 20,000.(b) Creditors of ₹ 8,000 were paid by Aditi privately for which she is not to be reimbursed.(c) There was no change in the value of other assets and liabilities.In which account will the gain on the creditor's account be transferred?a)Realisation Accountb)Revaluation Accountc)Aditi’s Capital Accountd)Parul’s Capital AccountCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Based on the below information, answer the given questions:Aditi and Parul are partners in a firm with capitals of ₹35,000 each. They shared profits and losses in the ratio of 3 : 1. On 1st April, 2017, they admitted Chanda into their partnership with 1/5th share in the profits. Chanda brings in ₹40,000 as her capital and her share of goodwill in cash. Her share of goodwill is calculated on the basis of her capital contribution and her share of profits in the firm. At the time of Chanda’s admission :(a) The firm had a Workmen Compensation Reserve of ₹ 60,000 against which there was a claim of ₹ 20,000.(b) Creditors of ₹ 8,000 were paid by Aditi privately for which she is not to be reimbursed.(c) There was no change in the value of other assets and liabilities.In which account will the gain on the creditor's account be transferred?a)Realisation Accountb)Revaluation Accountc)Aditi’s Capital Accountd)Parul’s Capital AccountCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for Based on the below information, answer the given questions:Aditi and Parul are partners in a firm with capitals of ₹35,000 each. They shared profits and losses in the ratio of 3 : 1. On 1st April, 2017, they admitted Chanda into their partnership with 1/5th share in the profits. Chanda brings in ₹40,000 as her capital and her share of goodwill in cash. Her share of goodwill is calculated on the basis of her capital contribution and her share of profits in the firm. At the time of Chanda’s admission :(a) The firm had a Workmen Compensation Reserve of ₹ 60,000 against which there was a claim of ₹ 20,000.(b) Creditors of ₹ 8,000 were paid by Aditi privately for which she is not to be reimbursed.(c) There was no change in the value of other assets and liabilities.In which account will the gain on the creditor's account be transferred?a)Realisation Accountb)Revaluation Accountc)Aditi’s Capital Accountd)Parul’s Capital AccountCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of Based on the below information, answer the given questions:Aditi and Parul are partners in a firm with capitals of ₹35,000 each. They shared profits and losses in the ratio of 3 : 1. On 1st April, 2017, they admitted Chanda into their partnership with 1/5th share in the profits. Chanda brings in ₹40,000 as her capital and her share of goodwill in cash. Her share of goodwill is calculated on the basis of her capital contribution and her share of profits in the firm. At the time of Chanda’s admission :(a) The firm had a Workmen Compensation Reserve of ₹ 60,000 against which there was a claim of ₹ 20,000.(b) Creditors of ₹ 8,000 were paid by Aditi privately for which she is not to be reimbursed.(c) There was no change in the value of other assets and liabilities.In which account will the gain on the creditor's account be transferred?a)Realisation Accountb)Revaluation Accountc)Aditi’s Capital Accountd)Parul’s Capital AccountCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Based on the below information, answer the given questions:Aditi and Parul are partners in a firm with capitals of ₹35,000 each. They shared profits and losses in the ratio of 3 : 1. On 1st April, 2017, they admitted Chanda into their partnership with 1/5th share in the profits. Chanda brings in ₹40,000 as her capital and her share of goodwill in cash. Her share of goodwill is calculated on the basis of her capital contribution and her share of profits in the firm. At the time of Chanda’s admission :(a) The firm had a Workmen Compensation Reserve of ₹ 60,000 against which there was a claim of ₹ 20,000.(b) Creditors of ₹ 8,000 were paid by Aditi privately for which she is not to be reimbursed.(c) There was no change in the value of other assets and liabilities.In which account will the gain on the creditor's account be transferred?a)Realisation Accountb)Revaluation Accountc)Aditi’s Capital Accountd)Parul’s Capital AccountCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice Commerce tests.