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L and M are partners in a firm having capital 48500 and 99000 respectively they admitted N for 1/3rd share in profit and brought proportionate anount of capital would be ? calculate N's capital?
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L and M are partners in a firm having capital 48500 and 99000 respecti...
Calculation of N's Capital:
1. Initial Capital of Partners:
- L's capital = 48500
- M's capital = 99000
2. Admission of N:
- N is admitted for 1/3 share in profit
- Total profit share = 1 (L&M) + 1/3 (N) = 4/3
3. Proportionate Capital Contribution:
- L's proportionate share = 48500 / (48500 + 99000) * 4/3
- M's proportionate share = 99000 / (48500 + 99000) * 4/3
- N's proportionate share = N's capital / (48500 + 99000) * 4/3
4. Calculating N's Capital:
- Let N's capital be x
- N's proportionate share = x / (48500 + 99000) * 4/3
- Given N's share = 1/3
- x / (48500 + 99000) * 4/3 = 1/3
- Solving for x, we get N's capital
5. Final Calculation:
- Calculate N's capital using the above formula
- N's capital = (1/3) * (48500 + 99000) * 3/4
By following the steps mentioned above, you can calculate N's capital in the firm after being admitted for a 1/3 share in profit.
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A, B and C are partners sharing profits and losses in the ratio of 2 : 1 : 1 respectively.On 31st March, 2012, their balance sheet was as follows:A died on 1st April, 2012. The firm had taken a joint life policy for Rs 1,20,000, the payment for which was received by the firm. According to the partnership deed, on retirement or death of a partner, the goodwill of the firm was to be valued at 1½ times of the average profit for the last four years.The profits for the last four years were Rs 64,000, Rs 69,000, Rs 72,000 and Rs 75,000 respectively. For paying the amount due to A’s legal representative, B and C brought as much cash as would bring their capitals in profit sharing ratio and the firm would have a cash balance of Rs 3,000.Pass journal entries to record the above mentioned transactions and prepare partners’ capital accounts. in this question how b capital become 88750 and c capital will become 68750?

A, B and C are partners sharing profits and losses in the ratio of 2 : 1 : 1 respectively.On 31st March, 2012, their balance sheet was as follows:A died on 1st April, 2012. The firm had taken a joint life policy for Rs 1,20,000, the payment for which was received by the firm. According to the partnership deed, on retirement or death of a partner, the goodwill of the firm was to be valued at 1½ times of the average profit for the last four years.The profits for the last four years were Rs 64,000, Rs 69,000, Rs 72,000 and Rs 75,000 respectively. For paying the amount due to A’s legal representative, B and C brought as much cash as would bring their capitals in profit sharing ratio and the firm would have a cash balance of Rs 3,000.Pass journal entries to record the above mentioned transactions and prepare partners’ capital accounts.?

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L and M are partners in a firm having capital 48500 and 99000 respectively they admitted N for 1/3rd share in profit and brought proportionate anount of capital would be ? calculate N's capital?
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L and M are partners in a firm having capital 48500 and 99000 respectively they admitted N for 1/3rd share in profit and brought proportionate anount of capital would be ? calculate N's capital? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about L and M are partners in a firm having capital 48500 and 99000 respectively they admitted N for 1/3rd share in profit and brought proportionate anount of capital would be ? calculate N's capital? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for L and M are partners in a firm having capital 48500 and 99000 respectively they admitted N for 1/3rd share in profit and brought proportionate anount of capital would be ? calculate N's capital?.
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