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Read the following information and answer the given questions:
Parth, Angad and Leesha are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Angad retires and his claim, including his capital and entitlements from the firm including his share of Goodwill of the firm, is ₹50,000.
After this amount was determined, it was found that there was an unrecorded piece of furniture valued at ₹12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to Angad was determined and settled by giving him this piece of furniture and the balance in cash.
Q. What will be the final amount of the claim to be paid to Angad?
- a)₹50,000
- b)₹54,000
- c)₹46,000
- d)₹42,000
Correct answer is option ''. Can you explain this answer?
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Read the following information and answer the given questions:Parth, ...
Angad’s Share = ₹50,000 + ₹4,000 (profit on revaluation)
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= ₹54,000
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Read the following information and answer the given questions:Parth, ...
Calculation of Final Claim Amount for Angad
Given Information:
- Parth, Angad, and Leesha are partners in a firm.
- Profit and loss sharing ratio is 3 : 2 : 1.
- Angad retires and his claim, including capital and entitlements from the firm, is ₹50,000.
- An unrecorded piece of furniture valued at ₹12,000 is found and recorded.
Step 1: Calculation of Total Capital in the Firm
- Let the total capital in the firm be X.
- Angad's capital = (2/6)X = X/3 (as his profit sharing ratio is 2/6)
- Leesha's capital = (1/6)X = X/6 (as her profit sharing ratio is 1/6)
- Parth's capital = (3/6)X = X/2 (as his profit sharing ratio is 3/6)
- Total capital = X/3 + X/6 + X/2 = 5X/6
Step 2: Calculation of Angad's Entitlements
- Angad's capital = X/3
- Angad's share in the firm's goodwill = (2/6) * Goodwill = 2/6 * G
- Total entitlements of Angad = X/3 + 2/6 * G
Step 3: Calculation of Revised Claim Amount
- Revised claim amount = Total entitlements of Angad + Value of unrecorded furniture - Amount already paid
- Amount already paid = ₹50,000 (given)
- Total entitlements of Angad = X/3 + 2/6 * G
- Value of unrecorded furniture = ₹12,000
- Revised claim amount = X/3 + 2/6 * G + ₹12,000 - ₹50,000
- Revised claim amount = X/3 + 2/6 * G - ₹38,000
Step 4: Calculation of Final Claim Amount
- Revised claim amount = X/3 + 2/6 * G - ₹38,000
- Let the final claim amount be Y.
- Y = X/3 + 2/6 * G - ₹38,000
- Y + ₹38,000 = X/3 + 2/6 * G
- Y + ₹38,000 = 5X/18
- Y = 5X/18 - ₹38,000
Substituting the value of X (total capital) from Step 1, we get:
- Y = 5(5X/6)/18 - ₹38,000
- Y = ₹54,000 - ₹38,000
- Y = ₹16,000
Therefore, the final amount of the claim to be paid to Angad is ₹16,000.
Given Information:
- Parth, Angad, and Leesha are partners in a firm.
- Profit and loss sharing ratio is 3 : 2 : 1.
- Angad retires and his claim, including capital and entitlements from the firm, is ₹50,000.
- An unrecorded piece of furniture valued at ₹12,000 is found and recorded.
Step 1: Calculation of Total Capital in the Firm
- Let the total capital in the firm be X.
- Angad's capital = (2/6)X = X/3 (as his profit sharing ratio is 2/6)
- Leesha's capital = (1/6)X = X/6 (as her profit sharing ratio is 1/6)
- Parth's capital = (3/6)X = X/2 (as his profit sharing ratio is 3/6)
- Total capital = X/3 + X/6 + X/2 = 5X/6
Step 2: Calculation of Angad's Entitlements
- Angad's capital = X/3
- Angad's share in the firm's goodwill = (2/6) * Goodwill = 2/6 * G
- Total entitlements of Angad = X/3 + 2/6 * G
Step 3: Calculation of Revised Claim Amount
- Revised claim amount = Total entitlements of Angad + Value of unrecorded furniture - Amount already paid
- Amount already paid = ₹50,000 (given)
- Total entitlements of Angad = X/3 + 2/6 * G
- Value of unrecorded furniture = ₹12,000
- Revised claim amount = X/3 + 2/6 * G + ₹12,000 - ₹50,000
- Revised claim amount = X/3 + 2/6 * G - ₹38,000
Step 4: Calculation of Final Claim Amount
- Revised claim amount = X/3 + 2/6 * G - ₹38,000
- Let the final claim amount be Y.
- Y = X/3 + 2/6 * G - ₹38,000
- Y + ₹38,000 = X/3 + 2/6 * G
- Y + ₹38,000 = 5X/18
- Y = 5X/18 - ₹38,000
Substituting the value of X (total capital) from Step 1, we get:
- Y = 5(5X/6)/18 - ₹38,000
- Y = ₹54,000 - ₹38,000
- Y = ₹16,000
Therefore, the final amount of the claim to be paid to Angad is ₹16,000.
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Read the following information and answer the given questions:Parth, Angad and Leesha are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Angad retires and his claim, including his capital and entitlements from the firm including his share of Goodwill of the firm, is ₹50,000.After this amount was determined, it was found that there was an unrecorded piece of furniture valued at ₹12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to Angad was determined and settled by giving him this piece of furniture and the balance in cash.Q. What will be the final amount of the claim to be paid to Angad?a)₹50,000b)₹54,000c)₹46,000d)₹42,000Correct answer is option ''. Can you explain this answer?
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Read the following information and answer the given questions:Parth, Angad and Leesha are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Angad retires and his claim, including his capital and entitlements from the firm including his share of Goodwill of the firm, is ₹50,000.After this amount was determined, it was found that there was an unrecorded piece of furniture valued at ₹12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to Angad was determined and settled by giving him this piece of furniture and the balance in cash.Q. What will be the final amount of the claim to be paid to Angad?a)₹50,000b)₹54,000c)₹46,000d)₹42,000Correct answer is option ''. 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 Read the following information and answer the given questions:Parth, Angad and Leesha are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Angad retires and his claim, including his capital and entitlements from the firm including his share of Goodwill of the firm, is ₹50,000.After this amount was determined, it was found that there was an unrecorded piece of furniture valued at ₹12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to Angad was determined and settled by giving him this piece of furniture and the balance in cash.Q. What will be the final amount of the claim to be paid to Angad?a)₹50,000b)₹54,000c)₹46,000d)₹42,000Correct answer is option ''. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following information and answer the given questions:Parth, Angad and Leesha are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Angad retires and his claim, including his capital and entitlements from the firm including his share of Goodwill of the firm, is ₹50,000.After this amount was determined, it was found that there was an unrecorded piece of furniture valued at ₹12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to Angad was determined and settled by giving him this piece of furniture and the balance in cash.Q. What will be the final amount of the claim to be paid to Angad?a)₹50,000b)₹54,000c)₹46,000d)₹42,000Correct answer is option ''. Can you explain this answer?.
Read the following information and answer the given questions:Parth, Angad and Leesha are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Angad retires and his claim, including his capital and entitlements from the firm including his share of Goodwill of the firm, is ₹50,000.After this amount was determined, it was found that there was an unrecorded piece of furniture valued at ₹12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to Angad was determined and settled by giving him this piece of furniture and the balance in cash.Q. What will be the final amount of the claim to be paid to Angad?a)₹50,000b)₹54,000c)₹46,000d)₹42,000Correct answer is option ''. 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 Read the following information and answer the given questions:Parth, Angad and Leesha are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Angad retires and his claim, including his capital and entitlements from the firm including his share of Goodwill of the firm, is ₹50,000.After this amount was determined, it was found that there was an unrecorded piece of furniture valued at ₹12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to Angad was determined and settled by giving him this piece of furniture and the balance in cash.Q. What will be the final amount of the claim to be paid to Angad?a)₹50,000b)₹54,000c)₹46,000d)₹42,000Correct answer is option ''. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following information and answer the given questions:Parth, Angad and Leesha are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Angad retires and his claim, including his capital and entitlements from the firm including his share of Goodwill of the firm, is ₹50,000.After this amount was determined, it was found that there was an unrecorded piece of furniture valued at ₹12,000 which had to be recorded. Upon recording this piece of furniture, the revised amount due to Angad was determined and settled by giving him this piece of furniture and the balance in cash.Q. What will be the final amount of the claim to be paid to Angad?a)₹50,000b)₹54,000c)₹46,000d)₹42,000Correct answer is option ''. Can you explain this answer?.
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