A,B and C were partners sharing profits and losses 2:3:1. The position of the firm as on 1-4-2014 and 31-3-2015 was :01/04/2014 31/03/201501/04/2014 31/03/2015A's CapitalB's CapitalC's CapitalGeneral ReserveCapital ReserveBank OverdraftFixed AssetsDebtorsStockLoans and Advances20,00018,00030,00028,00040,00036,00040,00037,00065,00022,00010,0009,00020,00030,00072,00032,00012,00012,00010,0001,22,0005,0001,52,000On 1st April, 2014 the partners decided to change their profit and loss sharing ratio to 2:4:1.1,22,0001,52,000Goodwill was valued at $ 42,000. No entries were, however, passed to give effect to this change.Pass Journal entries in the books of the firm as on 31st March, 2015 and prepare Capital Accountsof the Partners.

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A,B and C were partners sharing profits and losses 2:3:1. The position of the firm as on 1-4-2014 and 31-3-2015 was : 01/04/2014 31/03/2015 01/04/2014 31/03/2015 A's Capital B's Capital C's Capital General Reserve Capital Reserve Bank Overdraft Fixed Assets Debtors Stock Loans and Advances 30,000 40,000 20,000 18,000 28,000 40,000 36,000 37,000 10,000 9,000 20,000 65,000 72,000 32,000 22,000 30,000 12,000 12,000 10,000 5,000 1,22,000 1,52,000 1,52,000 On 1st April, 2014 the partners decided to change their profit and loss sharing ratio to 2:4:1. 1,22,000 Goodwill was valued at $ 42,000. No entries were, however, passed to give effect to this change. Pass Journal entries in the books of the firm as on 31st March, 2015 and prepare Capital Accounts of the Partners.

A,B and C were partners sharing profits and losses 2:3:1. The position of the firm as on 1-4-2014 and 31-3-2015 was : 01/04/2014 31/03/2015 01/04/2014 31/03/2015 A's Capital B's Capital C's Capital General Reserve Capital Reserve Bank Overdraft Fixed Assets Debtors Stock Loans and Advances 30,000 40,000 20,000 18,000 28,000 40,000 36,000 37,000 10,000 9,000 20,000 65,000 72,000 32,000 22,000 30,000 12,000 12,000 10,000 5,000 1,22,000 1,52,000 1,52,000 On 1st April, 2014 the partners decided to change their profit and loss sharing ratio to 2:4:1. 1,22,000 Goodwill was valued at $ 42,000. No entries were, however, passed to give effect to this change. Pass Journal entries in the books of the firm as on 31st March, 2015 and prepare Capital Accounts of the Partners.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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