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A and B are partners sharing profit and losses in 3 ratio 2 they admitted C into partnership for 310 sharing the profit a cylinder is one third of the shares and B surrender as one fourth officer in favour of C Goodwill of the firm is valued at 300000 but she is unable to bring his share of goodwill in cash credit will be given to?
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A and B are partners sharing profit and losses in 3 ratio 2 they admit...
Partnership Details:
- A and B are partners sharing profit and losses in a ratio of 3:2.
- C is admitted into the partnership for a share of the profit.
- The profit sharing ratio between A, B, and C is not given.
- C brings in a capital of 310.
- A cylinder represents one-third of the shares.
- B surrenders one-fourth of their share in favor of C.
Calculation of Profit Sharing Ratio:
- The given ratio between A and B is 3:2.
- Let the profit sharing ratio between A, B, and C be x:y:z.
- As C brings in a capital of 310, their share in the partnership will be 310.
- The total capital brought in by A, B, and C is A + B + C = x + y + z.
- Since the profit sharing ratio is not given, we cannot determine the exact values of x and y.
- However, we can assume that the profit sharing ratio between A, B, and C will be in the same proportion as their capital contributions.
- Therefore, the profit sharing ratio can be expressed as 3x:2y:310.
Treatment of Goodwill:
- Goodwill is an intangible asset that represents the reputation and customer base of a business.
- The goodwill of the firm is valued at 300,000.
- However, C is unable to bring their share of goodwill in cash.
- In this case, C's share of goodwill will be credited to their capital account.
- The capital account represents the partner's investment in the partnership.
- By crediting the goodwill to C's capital account, it will increase their capital balance and reflect their ownership interest in the partnership.
Conclusion:
- In summary, the profit sharing ratio between A, B, and C can be assumed to be in the same proportion as their capital contributions.
- C's share of goodwill, which is unable to be brought in cash, will be credited to their capital account.
- A and B are partners sharing profit and losses in a ratio of 3:2.
- C is admitted into the partnership for a share of the profit.
- The profit sharing ratio between A, B, and C is not given.
- C brings in a capital of 310.
- A cylinder represents one-third of the shares.
- B surrenders one-fourth of their share in favor of C.
Calculation of Profit Sharing Ratio:
- The given ratio between A and B is 3:2.
- Let the profit sharing ratio between A, B, and C be x:y:z.
- As C brings in a capital of 310, their share in the partnership will be 310.
- The total capital brought in by A, B, and C is A + B + C = x + y + z.
- Since the profit sharing ratio is not given, we cannot determine the exact values of x and y.
- However, we can assume that the profit sharing ratio between A, B, and C will be in the same proportion as their capital contributions.
- Therefore, the profit sharing ratio can be expressed as 3x:2y:310.
Treatment of Goodwill:
- Goodwill is an intangible asset that represents the reputation and customer base of a business.
- The goodwill of the firm is valued at 300,000.
- However, C is unable to bring their share of goodwill in cash.
- In this case, C's share of goodwill will be credited to their capital account.
- The capital account represents the partner's investment in the partnership.
- By crediting the goodwill to C's capital account, it will increase their capital balance and reflect their ownership interest in the partnership.
Conclusion:
- In summary, the profit sharing ratio between A, B, and C can be assumed to be in the same proportion as their capital contributions.
- C's share of goodwill, which is unable to be brought in cash, will be credited to their capital account.
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A and B are partners sharing profit and losses in 3 ratio 2 they admitted C into partnership for 310 sharing the profit a cylinder is one third of the shares and B surrender as one fourth officer in favour of C Goodwill of the firm is valued at 300000 but she is unable to bring his share of goodwill in cash credit will be given to?
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A and B are partners sharing profit and losses in 3 ratio 2 they admitted C into partnership for 310 sharing the profit a cylinder is one third of the shares and B surrender as one fourth officer in favour of C Goodwill of the firm is valued at 300000 but she is unable to bring his share of goodwill in cash credit will be given to? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about A and B are partners sharing profit and losses in 3 ratio 2 they admitted C into partnership for 310 sharing the profit a cylinder is one third of the shares and B surrender as one fourth officer in favour of C Goodwill of the firm is valued at 300000 but she is unable to bring his share of goodwill in cash credit will be given to? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B are partners sharing profit and losses in 3 ratio 2 they admitted C into partnership for 310 sharing the profit a cylinder is one third of the shares and B surrender as one fourth officer in favour of C Goodwill of the firm is valued at 300000 but she is unable to bring his share of goodwill in cash credit will be given to?.
A and B are partners sharing profit and losses in 3 ratio 2 they admitted C into partnership for 310 sharing the profit a cylinder is one third of the shares and B surrender as one fourth officer in favour of C Goodwill of the firm is valued at 300000 but she is unable to bring his share of goodwill in cash credit will be given to? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about A and B are partners sharing profit and losses in 3 ratio 2 they admitted C into partnership for 310 sharing the profit a cylinder is one third of the shares and B surrender as one fourth officer in favour of C Goodwill of the firm is valued at 300000 but she is unable to bring his share of goodwill in cash credit will be given to? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B are partners sharing profit and losses in 3 ratio 2 they admitted C into partnership for 310 sharing the profit a cylinder is one third of the shares and B surrender as one fourth officer in favour of C Goodwill of the firm is valued at 300000 but she is unable to bring his share of goodwill in cash credit will be given to?.
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A and B are partners sharing profit and losses in 3 ratio 2 they admitted C into partnership for 310 sharing the profit a cylinder is one third of the shares and B surrender as one fourth officer in favour of C Goodwill of the firm is valued at 300000 but she is unable to bring his share of goodwill in cash credit will be given to?, a detailed solution for A and B are partners sharing profit and losses in 3 ratio 2 they admitted C into partnership for 310 sharing the profit a cylinder is one third of the shares and B surrender as one fourth officer in favour of C Goodwill of the firm is valued at 300000 but she is unable to bring his share of goodwill in cash credit will be given to? has been provided alongside types of A and B are partners sharing profit and losses in 3 ratio 2 they admitted C into partnership for 310 sharing the profit a cylinder is one third of the shares and B surrender as one fourth officer in favour of C Goodwill of the firm is valued at 300000 but she is unable to bring his share of goodwill in cash credit will be given to? theory, EduRev gives you an
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