Change in Profi...

Where will you record the net affect of revaluation account when capitals of the partners are fixed?

Suman and Poonam were partners in a firm sharing profits in the ratio of 3:2. From 1st March 2015 they decided to change it to the 3:1. Find out the gainer partner and sacrificing partner?

Anita, Asha and Amrit are partners sharing profits in the ratio of 3:2:1. Form 1 April, 2015 they decided to share future profits in the ratio of 2:3:1. Identify the partner who is not a gainer and not sacrificing.

Decrease in the value of all the assets on reconstitution of the firm result into :

X, Y and Z are partners sharing profits equally. General reserve given in the balance sheet Rs.15,000. Now they have decided to distribute profits in the ratio of 6:3:1. With what amount gainer will be debited for general reserve in an adjustment entry?

Creditors given in the balance sheet Rs.40,000. It is given in the adjustment that one creditor of Rs.8,000 was settled at Rs.5,000. What amount of creditors is to be shown in the new balance sheet?

Goodwill can be sold only when:

Goodwill is recorded in the books only when:

Total Assets (excluding goodwill) – outside liabilities will be: