Association sharing benefits

Reference no: EM13904515

On 31st March, 2011 the accompanying was the monetary record of P and Q who were carrying on business in association sharing benefits and misfortunes in the proportion of 5:3 individually.

On 1st April, 2011 R is admitted to the firm as another accomplice, the new benefit sharing proportion between P, Q and R is settled upon as 7:5:4 individually. R gets Rs. 24,000 as his capital. R's offer of goodwill is settled at Rs. 5,000.

Show diary sections and asset report instantly after R's affirmation in each of the accompanying cases:

(a) R brings money for his offer of goodwill and the old accomplices withdraw a large portion of the sums credited to their records for goodwill acquired by R.

(b) R does not bring anything by method for his offer of goodwill.

Reference no: EM13904515

Questions Cloud

Meet the debenture retirement need : Metro Corporation needs to resign Rs20 million of debentures every toward the end of 6, 7, what's more, a long time from now. How much ought to the firm store in a sinking trust account every year for a long time.

Benefit sharing proportion : That the capital records of the accomplices be re-balanced on the premise of their benefit sharing proportion through their present records.

Revaluation account : Pass the diary sections; set up the Profit and Loss Adjustment Account (Revaluation Account) Partners' Capital Accounts and the Opening Balance Sheet of the new firm.

Acquired sum can be paid with 40 percent of the annuity sum : Following eight years Mr Tiwari will get an annuity of Rs.10,000 every month for 20 a long time. The amount of can Mr. Tiwari obtain now at 12 percent intrigue so that the acquired sum can be paid with 40 percent of the annuity sum? The hobby will be..

Association sharing benefits : On 31st March, 2011 the accompanying was the monetary record of P and Q who were carrying on business in association sharing benefits and misfortunes in the proportion of 5:3 individually.

The estimation of area : Prior to C's affirmation valuation for Rs. 15,000 in the estimation of area and structures would be recorded furthermore, procurement for terrible obligations would be brought upto Rs. 820.

Change in benefit sharing : No goodwill record showed up in the books of the firm and none was opened on change in benefit sharing proportion. Pass diary sections to make the essential alterations.

Benefit and loss account : Benefit and Loss Account for the year finished 31st March, 2011 demonstrated a benefit of Rs. 22, 00,000. Show how the benefit will be disseminated among the four accomplices.

Enthusiasm on drawings : Likewise by error enthusiasm on drawings had been disregarded while setting up the records for 2010-11 such enthusiasm being Rs. 600 on C's drawings and Rs. 300 on D's drawings.

User Account

All Pages