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Amit and Anil are partners of a partners of a partnership firm sharing profits in the ratio of 5:3 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5th share of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs.2,00,000). Unrecorded debtors of Rs. 1,250  would  be brought into books now and a trade payables amounting to Rs.2,750 died and need not to pay anything to its estate. Find the distribution of profit/loss on revaluation between Amit, Anil and Atul.
  • a)
    Loss- Rs.17,500: Rs.10,500:0
  • b)
    Loss- Rs.14,000: Rs.8,400: Rs.5,600
  • c)
    Profits – Rs.17,500: Rs.10,500:0
  • d)
    Profit – Rs.14,000: Rs.8,400: Rs.5,600
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Amit and Anil are partners of a partners of a partnership firm sharing...
- Rs.14,000: Rs.8,400: Rs.5,600

Calculation:

Total capital after Atul's admission = Rs. 50,000 + Rs. 16,000 = Rs. 66,000

Total share of profit = 1/5

So, Atul's share of profit = 1/5 x 1/5 = 1/25

Amit's share of profit = 5/8

Anil's share of profit = 3/8

Revaluation of assets and liabilities:

Machinery appreciation = 10% of Rs. 80,000 = Rs. 8,000

New book value of machinery = Rs. 80,000 + Rs. 8,000 = Rs. 88,000

Building depreciation = 20% of Rs. 2,00,000 = Rs. 40,000

New book value of building = Rs. 2,00,000 - Rs. 40,000 = Rs. 1,60,000

Unrecorded debtors brought into books = Rs. 1,250

Trade payables died = Rs. 2,750

Total revaluation = Rs. 8,000 - Rs. 40,000 + Rs. 1,250 - Rs. 2,750 = Rs. -33,500 (Loss)

Distribution of revaluation loss:

Amit's share = 5/8 x Rs. -33,500 = Rs. -20,938

Anil's share = 3/8 x Rs. -33,500 = Rs. -12,562

Atul's share = 1/25 x Rs. -33,500 = Rs. -1,340

Total profit/loss distribution:

Amit's share = (5/8 x Original profit) + Rs. -20,938

Anil's share = (3/8 x Original profit) + Rs. -12,562

Atul's share = (1/25 x Original profit) + Rs. -1,340

Since the original profit is not given, we cannot calculate the actual profit/loss distribution. But the distribution of revaluation loss can be calculated, which is option (b) Loss- Rs.14,000: Rs.8,400: Rs.5,600.
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Amit and Anil are partners of a partners of a partnership firm sharing profits in the ratio of 5:3 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5thshare of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs.2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a trade payables amounting to Rs.2,750 died and need not to pay anything to its estate. Find the distribution of profit/loss on revaluation between Amit, Anil and Atul.a)Loss- Rs.17,500: Rs.10,500:0b)Loss- Rs.14,000: Rs.8,400: Rs.5,600c)Profits – Rs.17,500: Rs.10,500:0d)Profit – Rs.14,000: Rs.8,400: Rs.5,600Correct answer is option 'A'. Can you explain this answer?
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Amit and Anil are partners of a partners of a partnership firm sharing profits in the ratio of 5:3 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5thshare of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs.2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a trade payables amounting to Rs.2,750 died and need not to pay anything to its estate. Find the distribution of profit/loss on revaluation between Amit, Anil and Atul.a)Loss- Rs.17,500: Rs.10,500:0b)Loss- Rs.14,000: Rs.8,400: Rs.5,600c)Profits – Rs.17,500: Rs.10,500:0d)Profit – Rs.14,000: Rs.8,400: Rs.5,600Correct answer is option 'A'. Can you explain this answer? 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 Amit and Anil are partners of a partners of a partnership firm sharing profits in the ratio of 5:3 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5thshare of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs.2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a trade payables amounting to Rs.2,750 died and need not to pay anything to its estate. Find the distribution of profit/loss on revaluation between Amit, Anil and Atul.a)Loss- Rs.17,500: Rs.10,500:0b)Loss- Rs.14,000: Rs.8,400: Rs.5,600c)Profits – Rs.17,500: Rs.10,500:0d)Profit – Rs.14,000: Rs.8,400: Rs.5,600Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amit and Anil are partners of a partners of a partnership firm sharing profits in the ratio of 5:3 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5thshare of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs.2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a trade payables amounting to Rs.2,750 died and need not to pay anything to its estate. Find the distribution of profit/loss on revaluation between Amit, Anil and Atul.a)Loss- Rs.17,500: Rs.10,500:0b)Loss- Rs.14,000: Rs.8,400: Rs.5,600c)Profits – Rs.17,500: Rs.10,500:0d)Profit – Rs.14,000: Rs.8,400: Rs.5,600Correct answer is option 'A'. Can you explain this answer?.
Solutions for Amit and Anil are partners of a partners of a partnership firm sharing profits in the ratio of 5:3 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5thshare of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs.2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a trade payables amounting to Rs.2,750 died and need not to pay anything to its estate. Find the distribution of profit/loss on revaluation between Amit, Anil and Atul.a)Loss- Rs.17,500: Rs.10,500:0b)Loss- Rs.14,000: Rs.8,400: Rs.5,600c)Profits – Rs.17,500: Rs.10,500:0d)Profit – Rs.14,000: Rs.8,400: Rs.5,600Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Class 12. Download more important topics, notes, lectures and mock test series for Class 12 Exam by signing up for free.
Here you can find the meaning of Amit and Anil are partners of a partners of a partnership firm sharing profits in the ratio of 5:3 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5thshare of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs.2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a trade payables amounting to Rs.2,750 died and need not to pay anything to its estate. Find the distribution of profit/loss on revaluation between Amit, Anil and Atul.a)Loss- Rs.17,500: Rs.10,500:0b)Loss- Rs.14,000: Rs.8,400: Rs.5,600c)Profits – Rs.17,500: Rs.10,500:0d)Profit – Rs.14,000: Rs.8,400: Rs.5,600Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Amit and Anil are partners of a partners of a partnership firm sharing profits in the ratio of 5:3 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5thshare of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs.2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a trade payables amounting to Rs.2,750 died and need not to pay anything to its estate. Find the distribution of profit/loss on revaluation between Amit, Anil and Atul.a)Loss- Rs.17,500: Rs.10,500:0b)Loss- Rs.14,000: Rs.8,400: Rs.5,600c)Profits – Rs.17,500: Rs.10,500:0d)Profit – Rs.14,000: Rs.8,400: Rs.5,600Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Amit and Anil are partners of a partners of a partnership firm sharing profits in the ratio of 5:3 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5thshare of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs.2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a trade payables amounting to Rs.2,750 died and need not to pay anything to its estate. Find the distribution of profit/loss on revaluation between Amit, Anil and Atul.a)Loss- Rs.17,500: Rs.10,500:0b)Loss- Rs.14,000: Rs.8,400: Rs.5,600c)Profits – Rs.17,500: Rs.10,500:0d)Profit – Rs.14,000: Rs.8,400: Rs.5,600Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Amit and Anil are partners of a partners of a partnership firm sharing profits in the ratio of 5:3 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5thshare of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs.2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a trade payables amounting to Rs.2,750 died and need not to pay anything to its estate. Find the distribution of profit/loss on revaluation between Amit, Anil and Atul.a)Loss- Rs.17,500: Rs.10,500:0b)Loss- Rs.14,000: Rs.8,400: Rs.5,600c)Profits – Rs.17,500: Rs.10,500:0d)Profit – Rs.14,000: Rs.8,400: Rs.5,600Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Amit and Anil are partners of a partners of a partnership firm sharing profits in the ratio of 5:3 respectively. Atul was admitted on the following terms: Atul would pay Rs. 50,000 as capital and Rs. 16,000 as Goodwill, for 1/5thshare of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs.2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a trade payables amounting to Rs.2,750 died and need not to pay anything to its estate. Find the distribution of profit/loss on revaluation between Amit, Anil and Atul.a)Loss- Rs.17,500: Rs.10,500:0b)Loss- Rs.14,000: Rs.8,400: Rs.5,600c)Profits – Rs.17,500: Rs.10,500:0d)Profit – Rs.14,000: Rs.8,400: Rs.5,600Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice Class 12 tests.
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