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Shreya Jaiswal
Subject: Accountancy, asked on 19/6/22
Naina and Raina are partners in a firm sharing profits and losses in the ratio 3: 2. Raina was a manager who received a salary of ?5,000 per month in addition to a commission of 5% of net profit after charging such commission. Profit for the year is ?8,00,000 before charging salary. What will be the remuneration given to Raina?
Shreya Jaiswal
Subject: Accountancy, asked on 19/6/22
Om and Ram are partners in a firm sharing profits and losses equally. With effect from 1 st April, 2019, they decided to share the profits in the ratio 3:2. On this date, they had a general reserve of 40,000 in their balance sheet. It is given that the General Reserve is not to be distributed. What will be the journal entry for the treatment of General Reserve?
Shreya Jaiswal
Subject: Accountancy, asked on 19/6/22
Grey, Brown and Black are partners in a firm sharing profits and losses in the ratio 2: 3: 1. They decided to share their future profits and losses equally with effect from 1 st April, 2019. On this date, their Balance sheet showed furniture of 1,50,000. However, the same was overvalued by 50%. What will be the revised value of the furniture and how will you record it at the time of change in the profit-sharing ratio among the partners?
Shreya Jaiswal
Subject: Accountancy, asked on 19/6/22
Minni, Mickey and Mouse are partners in a firm sharing profits and losses in the ratio 3:2:1. The firm incurred a net loss of 20,000 for the year ended 31 st March, 2019. In addition to this, Minni and Mouse have guaranteed minimum profits of 10,000 to Mickey. What will be the final share of profit or loss of the partners?
Shreya Jaiswal
Subject: Accountancy, asked on 19/6/22