a business on average profit of 220000 average capital employed is 400000 Goodwill of firm is 120000 at 2 years purchased find out normal rate of retu…rn
Q. 2 (A). P and Q are partners sharing profits and losses in the ratio of 4:3. They admit R as partner for a 1/7th share in profits which he acquires…equally from P and Q Calculate new profit sharing ratio of the partners. [Ans. 7:5:2.]
Q. 58. After the accounts of a partnership have been drawn up and the books closed off, it is discovered that for the years ended 31st March, 2023 and…2024, interest has been credited to the partners upon their capitals at 5% per annum although, no provision for interest is made in the partnership agreement. The amounts involved are: Interest Credited Year 2023 2024 A B C k 4,200 2,400 2,400 1,320 4,320 2,520 2,520 1,320 You are required to put through adjusting entry as on 1st April, 2024, if the profits were shared as follows in 2023, 2:2:1 and in 2024, 3: 4:3.
R and s are partners of ratio 3:2 . They admit M for 1/4 share which he brings 2/3 from R and 1/3 from S . M bring capital 6 lakhs and goodwilll 25000…0. 1/4 of goodwill is widrawn by old partner . Pass journal entry and find new ratio
