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Analyse the case given below and answer the questions that follow:Mishra, Tiwari and Singh are partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. Their capitals on 31st March, 2017 were ₹ 4,00,000, ` 3,00,000 and ₹ 2,00,000 respectively. From 1st April, 2017 they agreed to change their profit and loss sharing ratio as 3 : 2 : 1 respectively. On the day of reconstitution of the firm, their balance sheet showed a debit balance of Profit and Loss Account ₹ 30,000 and general reserve of ₹ 60,000. The value of the firm was decided at ₹ 2,10,000. It was also decided that the value of an asset which was previously not recorded in the books will be recorded with ₹ 21,000.What journal entry will be passed for the treatment of Profit and Loss balance?a)Profit & Loss 30,000Appropriation A/c Dr.To Mishra’s Capital A/c 5,000To Tiwari’s Capital A/c 10,000To Singh’s Capital A/c 15,000(Being the loss being shared by the partners)b)Mishra’s Capital A/c Dr. 5,000Tiwari’s Capital A/c Dr. 10,000Singh’s Capital A/c Dr. 15,000To Profit and Loss A/c 30,000(Being the loss being shared by the partners)c)Profit & Loss 60,000Appropriation A/c Dr.To Mishra’s Capital A/c 10,000To Tiwari’s Capital A/c 20,000To Singh’s Capital A/c 30,000(Being the loss being shared by the partners)d)Mishra’s Capital A/c Dr. 10,000Tiwari’s Capital A/c Dr. 20,000Singh’s Capital A/c Dr. 30,000To Profit and Loss A/c 60,000(Being the loss being shared by the partners)Correct 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 Analyse the case given below and answer the questions that follow:Mishra, Tiwari and Singh are partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. Their capitals on 31st March, 2017 were ₹ 4,00,000, ` 3,00,000 and ₹ 2,00,000 respectively. From 1st April, 2017 they agreed to change their profit and loss sharing ratio as 3 : 2 : 1 respectively. On the day of reconstitution of the firm, their balance sheet showed a debit balance of Profit and Loss Account ₹ 30,000 and general reserve of ₹ 60,000. The value of the firm was decided at ₹ 2,10,000. It was also decided that the value of an asset which was previously not recorded in the books will be recorded with ₹ 21,000.What journal entry will be passed for the treatment of Profit and Loss balance?a)Profit & Loss 30,000Appropriation A/c Dr.To Mishra’s Capital A/c 5,000To Tiwari’s Capital A/c 10,000To Singh’s Capital A/c 15,000(Being the loss being shared by the partners)b)Mishra’s Capital A/c Dr. 5,000Tiwari’s Capital A/c Dr. 10,000Singh’s Capital A/c Dr. 15,000To Profit and Loss A/c 30,000(Being the loss being shared by the partners)c)Profit & Loss 60,000Appropriation A/c Dr.To Mishra’s Capital A/c 10,000To Tiwari’s Capital A/c 20,000To Singh’s Capital A/c 30,000(Being the loss being shared by the partners)d)Mishra’s Capital A/c Dr. 10,000Tiwari’s Capital A/c Dr. 20,000Singh’s Capital A/c Dr. 30,000To Profit and Loss A/c 60,000(Being the loss being shared by the partners)Correct 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 Analyse the case given below and answer the questions that follow:Mishra, Tiwari and Singh are partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. Their capitals on 31st March, 2017 were ₹ 4,00,000, ` 3,00,000 and ₹ 2,00,000 respectively. From 1st April, 2017 they agreed to change their profit and loss sharing ratio as 3 : 2 : 1 respectively. On the day of reconstitution of the firm, their balance sheet showed a debit balance of Profit and Loss Account ₹ 30,000 and general reserve of ₹ 60,000. The value of the firm was decided at ₹ 2,10,000. It was also decided that the value of an asset which was previously not recorded in the books will be recorded with ₹ 21,000.What journal entry will be passed for the treatment of Profit and Loss balance?a)Profit & Loss 30,000Appropriation A/c Dr.To Mishra’s Capital A/c 5,000To Tiwari’s Capital A/c 10,000To Singh’s Capital A/c 15,000(Being the loss being shared by the partners)b)Mishra’s Capital A/c Dr. 5,000Tiwari’s Capital A/c Dr. 10,000Singh’s Capital A/c Dr. 15,000To Profit and Loss A/c 30,000(Being the loss being shared by the partners)c)Profit & Loss 60,000Appropriation A/c Dr.To Mishra’s Capital A/c 10,000To Tiwari’s Capital A/c 20,000To Singh’s Capital A/c 30,000(Being the loss being shared by the partners)d)Mishra’s Capital A/c Dr. 10,000Tiwari’s Capital A/c Dr. 20,000Singh’s Capital A/c Dr. 30,000To Profit and Loss A/c 60,000(Being the loss being shared by the partners)Correct answer is option 'B'. Can you explain this answer?.

Solutions for Analyse the case given below and answer the questions that follow:Mishra, Tiwari and Singh are partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. Their capitals on 31st March, 2017 were ₹ 4,00,000, ` 3,00,000 and ₹ 2,00,000 respectively. From 1st April, 2017 they agreed to change their profit and loss sharing ratio as 3 : 2 : 1 respectively. On the day of reconstitution of the firm, their balance sheet showed a debit balance of Profit and Loss Account ₹ 30,000 and general reserve of ₹ 60,000. The value of the firm was decided at ₹ 2,10,000. It was also decided that the value of an asset which was previously not recorded in the books will be recorded with ₹ 21,000.What journal entry will be passed for the treatment of Profit and Loss balance?a)Profit & Loss 30,000Appropriation A/c Dr.To Mishra’s Capital A/c 5,000To Tiwari’s Capital A/c 10,000To Singh’s Capital A/c 15,000(Being the loss being shared by the partners)b)Mishra’s Capital A/c Dr. 5,000Tiwari’s Capital A/c Dr. 10,000Singh’s Capital A/c Dr. 15,000To Profit and Loss A/c 30,000(Being the loss being shared by the partners)c)Profit & Loss 60,000Appropriation A/c Dr.To Mishra’s Capital A/c 10,000To Tiwari’s Capital A/c 20,000To Singh’s Capital A/c 30,000(Being the loss being shared by the partners)d)Mishra’s Capital A/c Dr. 10,000Tiwari’s Capital A/c Dr. 20,000Singh’s Capital A/c Dr. 30,000To Profit and Loss A/c 60,000(Being the loss being shared by the partners)Correct 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 Analyse the case given below and answer the questions that follow:Mishra, Tiwari and Singh are partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. Their capitals on 31st March, 2017 were ₹ 4,00,000, ` 3,00,000 and ₹ 2,00,000 respectively. From 1st April, 2017 they agreed to change their profit and loss sharing ratio as 3 : 2 : 1 respectively. On the day of reconstitution of the firm, their balance sheet showed a debit balance of Profit and Loss Account ₹ 30,000 and general reserve of ₹ 60,000. The value of the firm was decided at ₹ 2,10,000. It was also decided that the value of an asset which was previously not recorded in the books will be recorded with ₹ 21,000.What journal entry will be passed for the treatment of Profit and Loss balance?a)Profit & Loss 30,000Appropriation A/c Dr.To Mishra’s Capital A/c 5,000To Tiwari’s Capital A/c 10,000To Singh’s Capital A/c 15,000(Being the loss being shared by the partners)b)Mishra’s Capital A/c Dr. 5,000Tiwari’s Capital A/c Dr. 10,000Singh’s Capital A/c Dr. 15,000To Profit and Loss A/c 30,000(Being the loss being shared by the partners)c)Profit & Loss 60,000Appropriation A/c Dr.To Mishra’s Capital A/c 10,000To Tiwari’s Capital A/c 20,000To Singh’s Capital A/c 30,000(Being the loss being shared by the partners)d)Mishra’s Capital A/c Dr. 10,000Tiwari’s Capital A/c Dr. 20,000Singh’s Capital A/c Dr. 30,000To Profit and Loss A/c 60,000(Being the loss being shared by the partners)Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Analyse the case given below and answer the questions that follow:Mishra, Tiwari and Singh are partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. Their capitals on 31st March, 2017 were ₹ 4,00,000, ` 3,00,000 and ₹ 2,00,000 respectively. From 1st April, 2017 they agreed to change their profit and loss sharing ratio as 3 : 2 : 1 respectively. On the day of reconstitution of the firm, their balance sheet showed a debit balance of Profit and Loss Account ₹ 30,000 and general reserve of ₹ 60,000. The value of the firm was decided at ₹ 2,10,000. It was also decided that the value of an asset which was previously not recorded in the books will be recorded with ₹ 21,000.What journal entry will be passed for the treatment of Profit and Loss balance?a)Profit & Loss 30,000Appropriation A/c Dr.To Mishra’s Capital A/c 5,000To Tiwari’s Capital A/c 10,000To Singh’s Capital A/c 15,000(Being the loss being shared by the partners)b)Mishra’s Capital A/c Dr. 5,000Tiwari’s Capital A/c Dr. 10,000Singh’s Capital A/c Dr. 15,000To Profit and Loss A/c 30,000(Being the loss being shared by the partners)c)Profit & Loss 60,000Appropriation A/c Dr.To Mishra’s Capital A/c 10,000To Tiwari’s Capital A/c 20,000To Singh’s Capital A/c 30,000(Being the loss being shared by the partners)d)Mishra’s Capital A/c Dr. 10,000Tiwari’s Capital A/c Dr. 20,000Singh’s Capital A/c Dr. 30,000To Profit and Loss A/c 60,000(Being the loss being shared by the partners)Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Analyse the case given below and answer the questions that follow:Mishra, Tiwari and Singh are partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. Their capitals on 31st March, 2017 were ₹ 4,00,000, ` 3,00,000 and ₹ 2,00,000 respectively. From 1st April, 2017 they agreed to change their profit and loss sharing ratio as 3 : 2 : 1 respectively. On the day of reconstitution of the firm, their balance sheet showed a debit balance of Profit and Loss Account ₹ 30,000 and general reserve of ₹ 60,000. The value of the firm was decided at ₹ 2,10,000. It was also decided that the value of an asset which was previously not recorded in the books will be recorded with ₹ 21,000.What journal entry will be passed for the treatment of Profit and Loss balance?a)Profit & Loss 30,000Appropriation A/c Dr.To Mishra’s Capital A/c 5,000To Tiwari’s Capital A/c 10,000To Singh’s Capital A/c 15,000(Being the loss being shared by the partners)b)Mishra’s Capital A/c Dr. 5,000Tiwari’s Capital A/c Dr. 10,000Singh’s Capital A/c Dr. 15,000To Profit and Loss A/c 30,000(Being the loss being shared by the partners)c)Profit & Loss 60,000Appropriation A/c Dr.To Mishra’s Capital A/c 10,000To Tiwari’s Capital A/c 20,000To Singh’s Capital A/c 30,000(Being the loss being shared by the partners)d)Mishra’s Capital A/c Dr. 10,000Tiwari’s Capital A/c Dr. 20,000Singh’s Capital A/c Dr. 30,000To Profit and Loss A/c 60,000(Being the loss being shared by the partners)Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Analyse the case given below and answer the questions that follow:Mishra, Tiwari and Singh are partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. Their capitals on 31st March, 2017 were ₹ 4,00,000, ` 3,00,000 and ₹ 2,00,000 respectively. From 1st April, 2017 they agreed to change their profit and loss sharing ratio as 3 : 2 : 1 respectively. On the day of reconstitution of the firm, their balance sheet showed a debit balance of Profit and Loss Account ₹ 30,000 and general reserve of ₹ 60,000. The value of the firm was decided at ₹ 2,10,000. It was also decided that the value of an asset which was previously not recorded in the books will be recorded with ₹ 21,000.What journal entry will be passed for the treatment of Profit and Loss balance?a)Profit & Loss 30,000Appropriation A/c Dr.To Mishra’s Capital A/c 5,000To Tiwari’s Capital A/c 10,000To Singh’s Capital A/c 15,000(Being the loss being shared by the partners)b)Mishra’s Capital A/c Dr. 5,000Tiwari’s Capital A/c Dr. 10,000Singh’s Capital A/c Dr. 15,000To Profit and Loss A/c 30,000(Being the loss being shared by the partners)c)Profit & Loss 60,000Appropriation A/c Dr.To Mishra’s Capital A/c 10,000To Tiwari’s Capital A/c 20,000To Singh’s Capital A/c 30,000(Being the loss being shared by the partners)d)Mishra’s Capital A/c Dr. 10,000Tiwari’s Capital A/c Dr. 20,000Singh’s Capital A/c Dr. 30,000To Profit and Loss A/c 60,000(Being the loss being shared by the partners)Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Analyse the case given below and answer the questions that follow:Mishra, Tiwari and Singh are partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. Their capitals on 31st March, 2017 were ₹ 4,00,000, ` 3,00,000 and ₹ 2,00,000 respectively. From 1st April, 2017 they agreed to change their profit and loss sharing ratio as 3 : 2 : 1 respectively. On the day of reconstitution of the firm, their balance sheet showed a debit balance of Profit and Loss Account ₹ 30,000 and general reserve of ₹ 60,000. The value of the firm was decided at ₹ 2,10,000. It was also decided that the value of an asset which was previously not recorded in the books will be recorded with ₹ 21,000.What journal entry will be passed for the treatment of Profit and Loss balance?a)Profit & Loss 30,000Appropriation A/c Dr.To Mishra’s Capital A/c 5,000To Tiwari’s Capital A/c 10,000To Singh’s Capital A/c 15,000(Being the loss being shared by the partners)b)Mishra’s Capital A/c Dr. 5,000Tiwari’s Capital A/c Dr. 10,000Singh’s Capital A/c Dr. 15,000To Profit and Loss A/c 30,000(Being the loss being shared by the partners)c)Profit & Loss 60,000Appropriation A/c Dr.To Mishra’s Capital A/c 10,000To Tiwari’s Capital A/c 20,000To Singh’s Capital A/c 30,000(Being the loss being shared by the partners)d)Mishra’s Capital A/c Dr. 10,000Tiwari’s Capital A/c Dr. 20,000Singh’s Capital A/c Dr. 30,000To Profit and Loss A/c 60,000(Being the loss being shared by the partners)Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice Commerce tests.