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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 share of Angad in profit on revaluation?
- a)₹6,000
- b)₹4,000
- c)₹2,000
- d)₹12,000
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Read the following information and answer the given questions:Parth, ...
Angad’s Share = ₹12000× 2 / 6 = ₹ 4,000
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Read the following information and answer the given questions:Parth, ...
Understanding the Scenario
Parth, Angad, and Leesha share profits and losses in the ratio of 3:2:1. After Angad retires, his total claim from the firm, including capital and goodwill, amounts to ₹50,000.
Unrecorded Furniture
An unrecorded piece of furniture valued at ₹12,000 was discovered, which needs to be accounted for. The share of profit on revaluation due to this addition will be calculated based on the profit-sharing ratio.
Calculation of Profit on Revaluation
1. Total Revaluation Value:
- The value of the furniture is ₹12,000.
2. Profit Sharing Ratio:
- Parth: 3 parts
- Angad: 2 parts
- Leesha: 1 part
- Total parts = 3 + 2 + 1 = 6 parts
3. Angad's Share of Revaluation:
- Angad’s share = (Angad's Share / Total parts) x Total Revaluation Value
- Angad's share = (2/6) x ₹12,000
4. Calculation:
- Angad's share = (1/3) x ₹12,000 = ₹4,000
Final Settlement
Angad will receive ₹4,000 as his share of profit on revaluation. The remaining amount after accounting for the furniture will be settled in cash.
Conclusion
Thus, Angad's share in profit from the revaluation of the unrecorded furniture amounts to ₹4,000, making option 'B' the correct answer.
Parth, Angad, and Leesha share profits and losses in the ratio of 3:2:1. After Angad retires, his total claim from the firm, including capital and goodwill, amounts to ₹50,000.
Unrecorded Furniture
An unrecorded piece of furniture valued at ₹12,000 was discovered, which needs to be accounted for. The share of profit on revaluation due to this addition will be calculated based on the profit-sharing ratio.
Calculation of Profit on Revaluation
1. Total Revaluation Value:
- The value of the furniture is ₹12,000.
2. Profit Sharing Ratio:
- Parth: 3 parts
- Angad: 2 parts
- Leesha: 1 part
- Total parts = 3 + 2 + 1 = 6 parts
3. Angad's Share of Revaluation:
- Angad’s share = (Angad's Share / Total parts) x Total Revaluation Value
- Angad's share = (2/6) x ₹12,000
4. Calculation:
- Angad's share = (1/3) x ₹12,000 = ₹4,000
Final Settlement
Angad will receive ₹4,000 as his share of profit on revaluation. The remaining amount after accounting for the furniture will be settled in cash.
Conclusion
Thus, Angad's share in profit from the revaluation of the unrecorded furniture amounts to ₹4,000, making option 'B' the correct 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 share of Angad in profit on revaluation?a)₹6,000b)₹4,000c)₹2,000d)₹12,000Correct answer is option 'B'. 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 share of Angad in profit on revaluation?a)₹6,000b)₹4,000c)₹2,000d)₹12,000Correct 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 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 share of Angad in profit on revaluation?a)₹6,000b)₹4,000c)₹2,000d)₹12,000Correct 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 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 share of Angad in profit on revaluation?a)₹6,000b)₹4,000c)₹2,000d)₹12,000Correct answer is option 'B'. 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 share of Angad in profit on revaluation?a)₹6,000b)₹4,000c)₹2,000d)₹12,000Correct 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 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 share of Angad in profit on revaluation?a)₹6,000b)₹4,000c)₹2,000d)₹12,000Correct 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 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 share of Angad in profit on revaluation?a)₹6,000b)₹4,000c)₹2,000d)₹12,000Correct answer is option 'B'. 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 will be the share of Angad in profit on revaluation?a)₹6,000b)₹4,000c)₹2,000d)₹12,000Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
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