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Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3.They admitted Palki as a new partner on 1-4-2020, on following terms: a. Kanha sacrifices 1/2 of her share and Kavisha sacrifices 1/4th of her share in favour of Palkhi. b. Goodwill of the firm is valued Rs.80,000. c. Kanha and Kavisha will withdraw 50% of their share of goodwill. d. Depreciation on machinery is to be provided at 10%.?
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Kanha and Kavisha are partners in a firm sharing profit-loss in the ra...
Introduction:
In this scenario, Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3. They admit Palki as a new partner on 1-4-2020. The terms of admission include sacrifices in the profit-sharing ratio, valuation of goodwill, and provision for depreciation on machinery. Let's discuss each term in detail.
1. Sacrifice in Profit-sharing Ratio:
a. Kanha sacrifices 1/2 of her share, which means she will now share her profits in the ratio of 2:1.
b. Kavisha sacrifices 1/4th of her share, which means she will now share her profits in the ratio of 3:2.
2. Valuation of Goodwill:
The goodwill of the firm is valued at Rs. 80,000. As per the agreement, Kanha and Kavisha will withdraw 50% of their share of goodwill.
3. Provision for Depreciation on Machinery:
Depreciation on machinery is to be provided at the rate of 10%. This means that a certain amount will be set aside from the profits to account for the wear and tear of the firm's machinery.
Conclusion:
In conclusion, the admission of Palki as a new partner in the firm leads to sacrifices in the profit-sharing ratio of Kanha and Kavisha. The goodwill of the firm is valued and Kanha and Kavisha withdraw 50% of their share of goodwill. Additionally, provision for depreciation on machinery is made at a rate of 10%. These terms ensure a fair and balanced distribution of profits and a proper accounting for the firm's assets.
In this scenario, Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3. They admit Palki as a new partner on 1-4-2020. The terms of admission include sacrifices in the profit-sharing ratio, valuation of goodwill, and provision for depreciation on machinery. Let's discuss each term in detail.
1. Sacrifice in Profit-sharing Ratio:
a. Kanha sacrifices 1/2 of her share, which means she will now share her profits in the ratio of 2:1.
b. Kavisha sacrifices 1/4th of her share, which means she will now share her profits in the ratio of 3:2.
2. Valuation of Goodwill:
The goodwill of the firm is valued at Rs. 80,000. As per the agreement, Kanha and Kavisha will withdraw 50% of their share of goodwill.
3. Provision for Depreciation on Machinery:
Depreciation on machinery is to be provided at the rate of 10%. This means that a certain amount will be set aside from the profits to account for the wear and tear of the firm's machinery.
Conclusion:
In conclusion, the admission of Palki as a new partner in the firm leads to sacrifices in the profit-sharing ratio of Kanha and Kavisha. The goodwill of the firm is valued and Kanha and Kavisha withdraw 50% of their share of goodwill. Additionally, provision for depreciation on machinery is made at a rate of 10%. These terms ensure a fair and balanced distribution of profits and a proper accounting for the firm's assets.
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Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3.They admitted Palki as a new partner on 1-4-2020, on following terms: a. Kanha sacrifices 1/2 of her share and Kavisha sacrifices 1/4th of her share in favour of Palkhi. b. Goodwill of the firm is valued Rs.80,000. c. Kanha and Kavisha will withdraw 50% of their share of goodwill. d. Depreciation on machinery is to be provided at 10%.?
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Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3.They admitted Palki as a new partner on 1-4-2020, on following terms: a. Kanha sacrifices 1/2 of her share and Kavisha sacrifices 1/4th of her share in favour of Palkhi. b. Goodwill of the firm is valued Rs.80,000. c. Kanha and Kavisha will withdraw 50% of their share of goodwill. d. Depreciation on machinery is to be provided at 10%.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3.They admitted Palki as a new partner on 1-4-2020, on following terms: a. Kanha sacrifices 1/2 of her share and Kavisha sacrifices 1/4th of her share in favour of Palkhi. b. Goodwill of the firm is valued Rs.80,000. c. Kanha and Kavisha will withdraw 50% of their share of goodwill. d. Depreciation on machinery is to be provided at 10%.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3.They admitted Palki as a new partner on 1-4-2020, on following terms: a. Kanha sacrifices 1/2 of her share and Kavisha sacrifices 1/4th of her share in favour of Palkhi. b. Goodwill of the firm is valued Rs.80,000. c. Kanha and Kavisha will withdraw 50% of their share of goodwill. d. Depreciation on machinery is to be provided at 10%.?.
Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3.They admitted Palki as a new partner on 1-4-2020, on following terms: a. Kanha sacrifices 1/2 of her share and Kavisha sacrifices 1/4th of her share in favour of Palkhi. b. Goodwill of the firm is valued Rs.80,000. c. Kanha and Kavisha will withdraw 50% of their share of goodwill. d. Depreciation on machinery is to be provided at 10%.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3.They admitted Palki as a new partner on 1-4-2020, on following terms: a. Kanha sacrifices 1/2 of her share and Kavisha sacrifices 1/4th of her share in favour of Palkhi. b. Goodwill of the firm is valued Rs.80,000. c. Kanha and Kavisha will withdraw 50% of their share of goodwill. d. Depreciation on machinery is to be provided at 10%.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3.They admitted Palki as a new partner on 1-4-2020, on following terms: a. Kanha sacrifices 1/2 of her share and Kavisha sacrifices 1/4th of her share in favour of Palkhi. b. Goodwill of the firm is valued Rs.80,000. c. Kanha and Kavisha will withdraw 50% of their share of goodwill. d. Depreciation on machinery is to be provided at 10%.?.
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Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3.They admitted Palki as a new partner on 1-4-2020, on following terms: a. Kanha sacrifices 1/2 of her share and Kavisha sacrifices 1/4th of her share in favour of Palkhi. b. Goodwill of the firm is valued Rs.80,000. c. Kanha and Kavisha will withdraw 50% of their share of goodwill. d. Depreciation on machinery is to be provided at 10%.?, a detailed solution for Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3.They admitted Palki as a new partner on 1-4-2020, on following terms: a. Kanha sacrifices 1/2 of her share and Kavisha sacrifices 1/4th of her share in favour of Palkhi. b. Goodwill of the firm is valued Rs.80,000. c. Kanha and Kavisha will withdraw 50% of their share of goodwill. d. Depreciation on machinery is to be provided at 10%.? has been provided alongside types of Kanha and Kavisha are partners in a firm sharing profit-loss in the ratio of 2:3.They admitted Palki as a new partner on 1-4-2020, on following terms: a. Kanha sacrifices 1/2 of her share and Kavisha sacrifices 1/4th of her share in favour of Palkhi. b. Goodwill of the firm is valued Rs.80,000. c. Kanha and Kavisha will withdraw 50% of their share of goodwill. d. Depreciation on machinery is to be provided at 10%.? theory, EduRev gives you an
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