Change in Profi...

Geeta and Sita are partners in a firm sharing-profits in the ratio of 3 : 2. They decide to share future profits equally. For this purpose the goodwill of the firm has been valued at Rs. 50,000. Record necessary adjustment entry for the same.

X, Y and Z are partners in a firm sharing profits in 3 : 2 : 1 ratio. They decided to share profits equally with effect from April 1, 2003. For this purpose, the goodwill of the firm has been valued at Rs. 3,00,000. Calculate the amount of gain or sacrifice of each partner.

E, F and G are partners sharing profits in 7 : 6 : 5 ratio. Their fixed capitals are Rs, 70,000, Rs. 40,000 and Rs. 80,000 respectively. It is now decided that the total capital of the firm should be Rs. 3,60,000 and should be in the profit sharing ratio of the partners. Calculate the amount of capital to be contributed by the individual partners.

Which of the following is transferred to the partners capital account?

Which of the following is written off by the old partners?

Which of the following is not transferred to partners capital account?

General Reserve cannot be ______

The reserves and accumulated profits and losses are transferred to Partner’s capital account in their _____ ratio

______ is a kind of reserve created for payment of compensation in case of accident.

Investment Fluctuation Reserve is one kind of reserve created for adjustment of