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Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.?
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Aditi and charvi partners sharing profit and loss in the ratio of the ...
Journal Entries:
1. To record the distribution of profit for 2021, 2022, and 2023:
- Profit and Loss A/c Dr. = 225000 + 37000 + 37000 = 299000
To Aditi’s Capital A/c
To Charvi’s Capital A/c
2. To record the revaluation of goodwill:
- Goodwill A/c Dr. = 2 * (225000 + 37000 + 37000)/3 = 254666.67
To Aditi’s Capital A/c
To Charvi’s Capital A/c
3. To adjust the capital accounts of Aditi and Charvi based on the new profit sharing ratio:
- Charvi’s Capital A/c Dr. = (50000/8) * 2 = 12500
To Aditi’s Capital A/c
Capital Accounts after Adjustment:
| Date | Aditi’s Capital | Charvi’s Capital |
|--------------|-----------------|------------------|
| Opening Bal. | 60000 | 20000 |
| 01-01-2024 | 12500 | 37500 |
| | 72500 | 57500 |
Explanation:
- The journal entries are made to distribute profits and revalue goodwill as per the given conditions.
- The adjustment in capital accounts ensures that the new capital balances reflect the new profit sharing ratio of 3:5 between Aditi and Charvi.
- The calculations for goodwill and capital adjustments are done based on the information provided in the question.
1. To record the distribution of profit for 2021, 2022, and 2023:
- Profit and Loss A/c Dr. = 225000 + 37000 + 37000 = 299000
To Aditi’s Capital A/c
To Charvi’s Capital A/c
2. To record the revaluation of goodwill:
- Goodwill A/c Dr. = 2 * (225000 + 37000 + 37000)/3 = 254666.67
To Aditi’s Capital A/c
To Charvi’s Capital A/c
3. To adjust the capital accounts of Aditi and Charvi based on the new profit sharing ratio:
- Charvi’s Capital A/c Dr. = (50000/8) * 2 = 12500
To Aditi’s Capital A/c
Capital Accounts after Adjustment:
| Date | Aditi’s Capital | Charvi’s Capital |
|--------------|-----------------|------------------|
| Opening Bal. | 60000 | 20000 |
| 01-01-2024 | 12500 | 37500 |
| | 72500 | 57500 |
Explanation:
- The journal entries are made to distribute profits and revalue goodwill as per the given conditions.
- The adjustment in capital accounts ensures that the new capital balances reflect the new profit sharing ratio of 3:5 between Aditi and Charvi.
- The calculations for goodwill and capital adjustments are done based on the information provided in the question.
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Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.?
Question Description
Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.?.
Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.?.
Solutions for Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.? in English & in Hindi are available as part of our courses for UPSC.
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Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.?, a detailed solution for Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.? has been provided alongside types of Aditi and charvi partners sharing profit and loss in the ratio of the 3:1. the capital are Aditi 60000 and the charvi20000. it has been decided that with effective from first January 2024 profit sharing ratio will be vibration 3:5. the deed state that good will is to be valued at 2 year purchase of average profit of three year and the capital of two partners should be in there profit shaded ratio. the profit for 2021 2022 and 2023 were 225000 and 37000. make necessary journal entries. show also the capital account of partner if capital of partners are to be adjusted in new profit shadow profitshow also the capital account of partner if capital of partners are to be adjusted in new profit sharing ratio.? theory, EduRev gives you an
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