Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4.2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs.2,00,000 as his capital and Rs. 90,000 for his one-fourth share of goodwill.
On that date, the creditors of Murari and Vohra were Rs. 60,000 and Bank overdraft was Rs. 15,000. Their assets apart from cash included Stock Rs. 10,000 ; Debtors Rs.40,000; Plant and Machinery Rs.80,000; Land and Building Rs.2,00,000. It was agreed that stock should be depreciated by Rs.2,000; Plant and Machinery by 20%, Rs. 5,000 should be written off as bad debts and Land and Building should be appreciated by 25%.
Question: Total assets side of new firm balance sheet is
Option 1: Rs 6,55,000
Option 2: Rs 6,57,000
Option 3: Rs 6,60,000
Option 4: Rs 6,00,000
Correct Answer: Rs 6,57,000
Solution : Answer = Rs 6,57,000
Total Assets = 1,78500 + 218500 + 200000 + 60,000+15000
= 6,57,000. Hence, the correct option is 2.
Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4 .2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs. 2,00,000 as his capital
Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4.2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs.2,00,000 as his capital and
Question : Phiu, Queen and Lilly commenced business on 1st April 2019 with capitals of:
Phiu -Rs. 2,00,000; Queen -Rs. 2,00,000 and Lilly -Rs. 1,00,000. Profits are shared in the ratio of 4:3:3. Capital carried interest @ 5% p.a. During the year 2019-20, the firm suffered a loss
Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their Capital Accounts were as follows: Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th
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