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P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:
Liabilities:
Capital account
P ₹80000
Q₹80000
P's loan ₹10000
Mrs. Q's loan ₹20000
creditors ₹30000
Bills payable ₹8000
Assets:
Land and building ₹101000
Plant and machinery ₹36000?
Liabilities:
Capital account
P ₹80000
Q₹80000
P's loan ₹10000
Mrs. Q's loan ₹20000
creditors ₹30000
Bills payable ₹8000
Assets:
Land and building ₹101000
Plant and machinery ₹36000?
Most Upvoted Answer
P, Q and R are partners sharing profits and losses in the ratio of 5:3...
Partners and Profit Sharing Ratio
P, Q, and R are partners sharing profits and losses in the ratio of 5:3:2. This means that for every 10 parts of profit or loss, P receives 5 parts, Q receives 3 parts, and R receives 2 parts.
Balance Sheet Overview
As of 31st December, the balance sheet outlines the financial position of the partnership, detailing liabilities and assets:
Liabilities
- Capital Account:
- P: ₹80,000
- Q: ₹80,000
- P's Loan: ₹10,000
- Mrs. Q's Loan: ₹20,000
- Creditors: ₹30,000
- Bills Payable: ₹8,000
Total Liabilities: ₹2,38,000
Assets
- Land and Building: ₹1,01,000
- Plant and Machinery: ₹36,000
Total Assets: ₹1,37,000
Analysis of the Balance Sheet
The balance sheet shows that the total liabilities (₹2,38,000) exceed the total assets (₹1,37,000), indicating that the partnership is in a financial deficit of ₹1,01,000. This situation may require the partners to either infuse additional capital or restructure their liabilities.
Conclusion
Understanding this balance sheet is crucial for partners P, Q, and R as it reflects their financial health and can guide future decisions regarding capital contributions or profit-sharing adjustments. Proper management and strategic planning can help improve their financial standing.
P, Q, and R are partners sharing profits and losses in the ratio of 5:3:2. This means that for every 10 parts of profit or loss, P receives 5 parts, Q receives 3 parts, and R receives 2 parts.
Balance Sheet Overview
As of 31st December, the balance sheet outlines the financial position of the partnership, detailing liabilities and assets:
Liabilities
- Capital Account:
- P: ₹80,000
- Q: ₹80,000
- P's Loan: ₹10,000
- Mrs. Q's Loan: ₹20,000
- Creditors: ₹30,000
- Bills Payable: ₹8,000
Total Liabilities: ₹2,38,000
Assets
- Land and Building: ₹1,01,000
- Plant and Machinery: ₹36,000
Total Assets: ₹1,37,000
Analysis of the Balance Sheet
The balance sheet shows that the total liabilities (₹2,38,000) exceed the total assets (₹1,37,000), indicating that the partnership is in a financial deficit of ₹1,01,000. This situation may require the partners to either infuse additional capital or restructure their liabilities.
Conclusion
Understanding this balance sheet is crucial for partners P, Q, and R as it reflects their financial health and can guide future decisions regarding capital contributions or profit-sharing adjustments. Proper management and strategic planning can help improve their financial standing.
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P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:Liabilities:Capital account P ₹80000Q₹80000P's loan ₹10000Mrs. Q's loan ₹20000creditors ₹30000Bills payable ₹8000Assets:Land and building ₹101000Plant and machinery ₹36000?
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P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:Liabilities:Capital account P ₹80000Q₹80000P's loan ₹10000Mrs. Q's loan ₹20000creditors ₹30000Bills payable ₹8000Assets:Land and building ₹101000Plant and machinery ₹36000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:Liabilities:Capital account P ₹80000Q₹80000P's loan ₹10000Mrs. Q's loan ₹20000creditors ₹30000Bills payable ₹8000Assets:Land and building ₹101000Plant and machinery ₹36000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:Liabilities:Capital account P ₹80000Q₹80000P's loan ₹10000Mrs. Q's loan ₹20000creditors ₹30000Bills payable ₹8000Assets:Land and building ₹101000Plant and machinery ₹36000?.
P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:Liabilities:Capital account P ₹80000Q₹80000P's loan ₹10000Mrs. Q's loan ₹20000creditors ₹30000Bills payable ₹8000Assets:Land and building ₹101000Plant and machinery ₹36000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:Liabilities:Capital account P ₹80000Q₹80000P's loan ₹10000Mrs. Q's loan ₹20000creditors ₹30000Bills payable ₹8000Assets:Land and building ₹101000Plant and machinery ₹36000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:Liabilities:Capital account P ₹80000Q₹80000P's loan ₹10000Mrs. Q's loan ₹20000creditors ₹30000Bills payable ₹8000Assets:Land and building ₹101000Plant and machinery ₹36000?.
Solutions for P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:Liabilities:Capital account P ₹80000Q₹80000P's loan ₹10000Mrs. Q's loan ₹20000creditors ₹30000Bills payable ₹8000Assets:Land and building ₹101000Plant and machinery ₹36000? in English & in Hindi are available as part of our courses for B Com.
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P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:Liabilities:Capital account P ₹80000Q₹80000P's loan ₹10000Mrs. Q's loan ₹20000creditors ₹30000Bills payable ₹8000Assets:Land and building ₹101000Plant and machinery ₹36000?, a detailed solution for P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:Liabilities:Capital account P ₹80000Q₹80000P's loan ₹10000Mrs. Q's loan ₹20000creditors ₹30000Bills payable ₹8000Assets:Land and building ₹101000Plant and machinery ₹36000? has been provided alongside types of P, Q and R are partners sharing profits and losses in the ratio of 5:3:2.Their balance sheet as on 31st December was as follows:Liabilities:Capital account P ₹80000Q₹80000P's loan ₹10000Mrs. Q's loan ₹20000creditors ₹30000Bills payable ₹8000Assets:Land and building ₹101000Plant and machinery ₹36000? theory, EduRev gives you an
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