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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 is the profit on revaluation?a)₹62,000b)₹50,000c)₹12,000d)₹38,000Correct answer is option 'C'. 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 is the profit on revaluation?a)₹62,000b)₹50,000c)₹12,000d)₹38,000Correct answer is option 'C'. 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 is the profit on revaluation?a)₹62,000b)₹50,000c)₹12,000d)₹38,000Correct answer is option 'C'. Can you explain this answer?.

Solutions 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 is the profit on revaluation?a)₹62,000b)₹50,000c)₹12,000d)₹38,000Correct answer is option 'C'. 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 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 is the profit on revaluation?a)₹62,000b)₹50,000c)₹12,000d)₹38,000Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of 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 is the profit on revaluation?a)₹62,000b)₹50,000c)₹12,000d)₹38,000Correct answer is option 'C'. Can you explain this answer?, a detailed solution 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 is the profit on revaluation?a)₹62,000b)₹50,000c)₹12,000d)₹38,000Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of 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 is the profit on revaluation?a)₹62,000b)₹50,000c)₹12,000d)₹38,000Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice 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 is the profit on revaluation?a)₹62,000b)₹50,000c)₹12,000d)₹38,000Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Commerce tests.