In partnership, partners liabilities are

Which kind of partnership one partner has unlimited liability and other partner have limited liability?

Which types of partnership have no agreement in terms of the duration of partnership?

When there is a change in the current partners’ association that results in ending the existing agreement and initiate a formation of a new agreement is known as

In the case of admission of a partner, the entry for unrecorded investments will be

X, Y, and Z are partners in a company sharing profits in the ratio 4:3: 2. Their balance sheet as at 31-3-2016 showed a debit balance of Profit and Loss A/c ₹1,80,000. From 1-4-2016 they will share profits equally. In the journal entry to give effect to the above arrangement when X, Y, and Z decide not to close the profit and loss account.

Goodwill of a firm of A and B is valued at ₹30,000. It is appearing in the books at ₹12,000. C is admitted for 1/4share. What amount he is supposed to bring for goodwill?

Ramesh and Suresh are partners sharing profits in the ration of 2:1 respectively. Ramesh capital ₹ 1,02,000 and Suresh capital are ₹73,000. They admit Mahesh and agree to give him 1/5th share in future profit. Mahesh brings ₹14,000 as his share of goodwill. He agrees to contribute capital in the new profit-sharing ration. How much capital will be brought by Mahesh?

A and Bare in partnership sharing profits in the ratio of 3:2. They take C as a new partner. Goodwill of the firm is valued at 33,00,000 and C brings ₹30,000 as his share of goodwill in cash which is entirely credited to the capital account of A. New profit sharing ratio will be

X and Y are partners sharing profits in the ratio of 4:3. Z is admitted for 1/5th share and he brings in ₹1,40,000 as his share of goodwill in cash of which ₹1,20,000 is credited to X remaining amount to Y. New profit sharing ratio will be

X and Y are partners in a company with a capital of ₹1,80,000 and ₹2,00,000. Z was admitted for 1/3rd share in profits and brings ₹3,40,000 as capital. Calculate the amount of goodwill.

A and B are partners sharing profits and losses in the ration of 5: 3. On admission, C brings ₹70,000 as cash and ₹43,000 against goodwill. The new profit ratio between A, B, and C is 7: 5: 4. The sacrifice ratio of A and B is

A new partner may be admitted into a partnership :

A and B are partners sharing profit in the ratio of 3 : 2. They admit C as a partner by giving him 1/3 share in future profits. The new ratio will be :

A and B are partners sharing profits and losses in the ratio of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He acquires this share as 1/24th from A and 1/8th from B, The new profit sharing ratio will be :

A and B are partners of a partnership firm sharing profits in the ratio of 3 : 2 respectively. C was admitted for 1/5th share of profit. Machinery would be appreciated by 10% (book value ₹80,000) and building would be depreciated by 20% (₹2,00,000). Unrecorded debtors of ₹1,250 would be brought into books now and a creditor amounting to ₹2,750 died and need not pay anything on this account. What will be profit/loss on revaluation?

X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5th profits, for which he paid ₹60,000 against capital and ₹30,000 against goodwill. Find the capital balance for each partner taking Z’s capital as base capital.

A and B are partners in a firm having capital balances of ₹54,000 and ₹36,000 respectively. They admit C in partnership for 1/3rd share and C is to bring the proportionate amount of capital. The capital amount of C would be :

A and B are partners sharing profits in the ratio of 2 : 3. Their Balance Sheet shows Machinery at ₹2,00,000; Stock at ₹80,000 and Debtors at ₹1,60,000. C is admitted and new profit sharing ratio is agreed at 6 : 9 : 5. Machinery is revalued at ₹1,40,000 and a provision is made for doubtful debts @5%. A’s share in loss on revaluation amount to ₹20,000. Revalued value of Stock will be :

Retiring partner is compensated for parting with the firm’s future profits in favour of remaining partners. The remaining partners contribute to such compensation amount in

How is goodwill recorded on the retirement of a partner?

P, Q, and R are sharing profit and losses equally. R retires and the goodwill is appearing in the book at ₹30,000. Goodwill of the firm is valued at ₹1,50,000. Calculate the net amount to be credited to R’s capital A/c

A, B, and C are partners in a company sharing profit and loss in the ratio of 2:2:2. On March 31, 2018, C died. Accounts are closed on December 31st every year. The sale for the year 2017 was ₹6,00,000 and profits were ₹60,000. The sales for the period from Jan 1, 2018, to March 31, 2018, were ₹2,00,000. The share of the deceased partner in the current year’s profits on the basis of sale is

A, B, and C were partners sharing profit and loss in the ratio of 2:2:1. Books are closed on 31st March every year. C dies on the 5th of November 2018. Under the partnership deed, the executors of the deceased partner are entitled to his profit to the date of death, calculated on the basis of last year’s profit. Profit for the year ended 31st March 2018 was ₹2,40,000. C’s share of profit will be

On the death of a partner, the amount due to him will be credited to :

Deceased partner’s share of profit till the date of death is calculated on-

On the death of a partner, the joint-life policy gets matured and the amount realised is credited to –

If a partner in a firm dies, the combined share of the continuing partners are :

At the time Of death of a partner, profit or loss on revaluation of assets and liabilities is shared by –

Death of a partner results in -

Calculate the value which is transferred to Seth's Executors Account?

Determine the amount which is due to Anil Executor's account after payment of all items?

Calculate the value which is transferred to Mr. Pammy's Executors Account? His Executor's account till the settlement of the amount due.

To start a partnership business, what should be the minimum number of partners?

On the retirement of a partner, any reserve being should be transferred to the capital account of -

Profit or loss on revaluation of assets and liabilities is shared by -

Harijanshibaji@gmail.com

Limited to the capital of the business

Realization of Partnership

Debit Investment A/cs and Credit Revaluation A/c

With the consent of any one partner

₹1,50,000; ₹90,000 and ₹60,000

Continuing partner’s capital account

Transferred to Seth's Executor's A/c Rs. 1,79,,000

Amount due on Anil Executor's A/c Rs. 28,500

Total amount due is Rs.40,400

Neither the retiring partner, nor the remaining partner

shibnath.mld007@gmail.com

Reconstitution of Partnership

Debit Investment A/cs and Credit Revaluation A/c

Cr X by ₹ 20,000, Dr Z by ₹20,000

With the consent of any one partner

₹1,50,000; ₹60,000 and ₹90,000

All partner’s Capital Accounts

Time basis or turnover basis

All partners’ capital accounts

Dissolution partnership and dissolution of firm

Transferred to Seth's Executor's A/c Rs. 2,35,000

Amount due on Anil Executor's A/c Rs. 30,000

Total amount due is Rs.90,000

Old partners in the old profit sharing ratio

Old partners in the old profit sharing ratio

seema897gupta@gmail.com

Revaluation of Partnership

Debit Investment A/cs and Credit Revaluation A/c

Cr X by ₹ 20,000, Dr Z by ₹20,000

With the consent of all old partners

₹1,50,000; ₹60,000 and ₹90,000

Remaining partner’s Capital Accounts

Time basis or turnover basis

Continuing partner’s capital account

Remains the same as before

Transferred to Seth's Executor's A/c Rs. 1,79,,000

Amount due on Anil Executor's A/c Rs. 30,000

Total amount due is Rs.90,000

Old partners in the old profit sharing ratio

Neither the retiring partner, nor the remaining partner

dshawbadboy123@gmail.com

Both Unlimited and Limited

Realization of Partnership

Debit Investment A/cs and Credit Revaluation A/c

Dr X by ₹ 40,000, Cr Z by ₹40,000

With the consent of all old partners

₹1,50,000; ₹60,000 and ₹60,000

Continuing partner’s capital account

Dissolution partnership and dissolution of firm

Transferred to Seth's Executor's A/c Rs. 1,79,,000

Amount due on Anil Executor's A/c Rs. 30,000

Total amount due is Rs.90,000

Old partners in the old profit sharing ratio

Neither the retiring partner, nor the remaining partner

Reconstitution of Partnership

Debit Investment A/cs and Credit Revaluation A/c

With the consent of all old partners

₹1,50,000; ₹90,000 and ₹60,000

Remaining partner’s Capital Accounts

Time basis or turnover basis

All partners’ capital accounts

Dissolution of partnership

Transferred to Seth's Executor's A/c Rs. 2,00,000

Amount due on Anil Executor's A/c Rs. 56,000

Total amount due is Rs.40,400

Old partners in the old profit sharing ratio

Old partners in the old profit sharing ratio

Reconstitution of Partnership

Debit Investment A/cs and Credit Revaluation A/c

With the consent of all old partners

₹1,50,000; ₹90,000 and ₹60,000

Remaining partner’s Capital Accounts

All partners’ capital accounts

Dissolution partnership and dissolution of firm

Transferred to Seth's Executor's A/c Rs. 2,00,000

Amount due on Anil Executor's A/c Rs. 28,500

Total amount due is Rs.75 ,400

Old partners in the old profit sharing ratio

rajrajak15072000@gmail.com

Reconstitution of Partnership

Debit Investment A/cs and Credit Revaluation A/c

With the consent of all old partners

₹1,50,000; ₹90,000 and ₹60,000

Remaining partner’s Capital Accounts

Time basis or turnover basis

All partners’ capital accounts

Dissolution of partnership

Transferred to Seth's Executor's A/c Rs. 2,00,000

Amount due on Anil Executor's A/c Rs. 30,000

Total amount due is Rs.1,59,000

Old partners in the old profit sharing ratio

Old partners in the old profit sharing ratio

Limited to the capital of the business

Realization of Partnership

Debit Investment A/cs and Credit Revaluation A/c

With the consent of all old partners

₹1,50,000; ₹90,000 and ₹60,000

Governments’ Revenue Account

Time basis or turnover basis

All partners’ capital accounts

Only executor’s of deceased partner

Dissolution partnership and dissolution of firm

Total amount due is Rs.40,400

Remaining partners in the new profit sharing ratio

New partners in the new profit sharing ratio

subhankarroy7031142544@gmail.com

Reconstitution of Partnership

Debit Investment A/cs and Credit Revaluation A/c

With the consent of all old partners

₹1,50,000; ₹90,000 and ₹60,000

All partners’ capital accounts

Dissolution of partnership

Amount due on Anil Executor's A/c Rs. 28,500

Total amount due is Rs.75 ,400

Old partners in the old profit sharing ratio

Old partners in the old profit sharing ratio

Both Unlimited and Limited

Revaluation of Partnership

Debit Investment A/cs and Credit Revaluation A/c

With the consent of all old partners

₹1,50,000; ₹60,000 and ₹90,000

Remaining partner’s Capital Accounts

Time basis or turnover basis

All partners’ capital accounts

Dissolution of partnership

Old partners in the old profit sharing ratio

Old partners in the old profit sharing ratio

nickanartist8348@gmail.com

Reconstitution of Partnership

Debit Partner Capital A/cs and Credit Investment A/c

With the consent of all old partners

₹1,50,000; ₹90,000 and ₹60,000

All partner’s Capital Accounts

All partners’ capital accounts

Only executor’s of deceased partner

Dissolution of partnership

Transferred to Seth's Executor's A/c Rs. 2,35,000

Total amount due is Rs.1,59,000

Old partners in the old profit sharing ratio

Old partners in the old profit sharing ratio

Cr X by ₹ 20,000, Dr Z by ₹20,000

With the consent of all old partners

₹1,50,000; ₹90,000 and ₹60,000

Time basis or turnover basis

All partners’ capital accounts

Dissolution of partnership

Amount due on Anil Executor's A/c Rs. 28,500

Old partners in the old profit sharing ratio

Old partners in the old profit sharing ratio

Limited to the capital of the business

Revaluation of Partnership

Dr X by ₹ 20,000, Cr Z by ₹20,000

With the consent of any one partner

₹1,50,000; ₹90,000 and ₹90,000

All partner’s Capital Accounts

Time basis or turnover basis

Continuing partner’s capital account

Amount due on Anil Executor's A/c Rs. 30,000

Total amount due is Rs.1,59,000

Neither the retiring partner, nor the remaining partner

Old partners in the old profit sharing ratio