Class 12 Exam  >  Class 12 Questions  >  A and B share profits and losses equally. The... Start Learning for Free
A and B share profits and losses equally. They have 20,000 each as capital. They admit see as equal partner and goodwill was valued at 30,000 seized to bring in 30,000 as his capital and necessary cash towards his share of goodwill goodwill account will not remain open. Inbox is profit on revaluation is 13,000 find the closing balance of the capital of?
Most Upvoted Answer
A and B share profits and losses equally. They have 20,000 each as cap...
**Closing Balance of Capital Accounts**

To find the closing balance of the capital accounts, we need to consider the initial capital, additional capital, profit on revaluation, and the share of profit or loss for each partner.

Let's break down the given information step by step:

1. Initial Capital:
- A and B each have an initial capital of 20,000.

2. Admission of C:
- C is admitted as an equal partner.
- C brings in 30,000 as his capital.

3. Goodwill:
- Goodwill is valued at 30,000.
- C brings in cash towards his share of goodwill.

4. Profit on Revaluation:
- Profit on revaluation is 13,000.

Now, let's calculate the closing balance of the capital accounts for each partner:

1. A's Capital Account:
- Initial capital: 20,000
- Share of goodwill: 0 (as goodwill account is closed)
- Share of profit on revaluation: 6,500 (13,000 / 2)
- Share of profit or loss: To be determined
- Additional capital: 0 (no information given)
- Closing balance: To be determined

2. B's Capital Account:
- Initial capital: 20,000
- Share of goodwill: 0 (as goodwill account is closed)
- Share of profit on revaluation: 6,500 (13,000 / 2)
- Share of profit or loss: To be determined
- Additional capital: 0 (no information given)
- Closing balance: To be determined

3. C's Capital Account:
- Initial capital: 30,000
- Share of goodwill: 30,000 (as C brings in cash towards his share of goodwill)
- Share of profit on revaluation: 0 (as C is not yet a partner during the revaluation)
- Share of profit or loss: To be determined
- Additional capital: 0 (no information given)
- Closing balance: To be determined

To determine the share of profit or loss for each partner, we need more information. Please provide the necessary details regarding the profit or loss distribution among A, B, and C.
Explore Courses for Class 12 exam

Similar Class 12 Doubts

A and B share profits and losses equally. They have 20,000 each as capital. They admit see as equal partner and goodwill was valued at 30,000 seized to bring in 30,000 as his capital and necessary cash towards his share of goodwill goodwill account will not remain open. Inbox is profit on revaluation is 13,000 find the closing balance of the capital of?
Question Description
A and B share profits and losses equally. They have 20,000 each as capital. They admit see as equal partner and goodwill was valued at 30,000 seized to bring in 30,000 as his capital and necessary cash towards his share of goodwill goodwill account will not remain open. Inbox is profit on revaluation is 13,000 find the closing balance of the capital of? 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 share profits and losses equally. They have 20,000 each as capital. They admit see as equal partner and goodwill was valued at 30,000 seized to bring in 30,000 as his capital and necessary cash towards his share of goodwill goodwill account will not remain open. Inbox is profit on revaluation is 13,000 find the closing balance of the capital of? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B share profits and losses equally. They have 20,000 each as capital. They admit see as equal partner and goodwill was valued at 30,000 seized to bring in 30,000 as his capital and necessary cash towards his share of goodwill goodwill account will not remain open. Inbox is profit on revaluation is 13,000 find the closing balance of the capital of?.
Solutions for A and B share profits and losses equally. They have 20,000 each as capital. They admit see as equal partner and goodwill was valued at 30,000 seized to bring in 30,000 as his capital and necessary cash towards his share of goodwill goodwill account will not remain open. Inbox is profit on revaluation is 13,000 find the closing balance of the capital of? 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 A and B share profits and losses equally. They have 20,000 each as capital. They admit see as equal partner and goodwill was valued at 30,000 seized to bring in 30,000 as his capital and necessary cash towards his share of goodwill goodwill account will not remain open. Inbox is profit on revaluation is 13,000 find the closing balance of the capital of? defined & explained in the simplest way possible. Besides giving the explanation of A and B share profits and losses equally. They have 20,000 each as capital. They admit see as equal partner and goodwill was valued at 30,000 seized to bring in 30,000 as his capital and necessary cash towards his share of goodwill goodwill account will not remain open. Inbox is profit on revaluation is 13,000 find the closing balance of the capital of?, a detailed solution for A and B share profits and losses equally. They have 20,000 each as capital. They admit see as equal partner and goodwill was valued at 30,000 seized to bring in 30,000 as his capital and necessary cash towards his share of goodwill goodwill account will not remain open. Inbox is profit on revaluation is 13,000 find the closing balance of the capital of? has been provided alongside types of A and B share profits and losses equally. They have 20,000 each as capital. They admit see as equal partner and goodwill was valued at 30,000 seized to bring in 30,000 as his capital and necessary cash towards his share of goodwill goodwill account will not remain open. Inbox is profit on revaluation is 13,000 find the closing balance of the capital of? theory, EduRev gives you an ample number of questions to practice A and B share profits and losses equally. They have 20,000 each as capital. They admit see as equal partner and goodwill was valued at 30,000 seized to bring in 30,000 as his capital and necessary cash towards his share of goodwill goodwill account will not remain open. Inbox is profit on revaluation is 13,000 find the closing balance of the capital of? tests, examples and also practice Class 12 tests.
Explore Courses for Class 12 exam
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev