Ram and Shyam are partners in a firm sharing profits in the ratio of 3:1. Their Balance sheet as at 31st March 2021 was as follows: | ||||||||||||||||||||||||||||||||||||||||||
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They decided to admit Mohan as a partner in a firm on 1st April 2021 for 1/5th share on the following terms: | ||||||||||||||||||||||||||||||||||||||||||
(i) Mohan to bring Rs.5,000 as his capital. Goodwill of the firm valued at Rs.30,000 and Mohan will bring his share premium in cash. | ||||||||||||||||||||||||||||||||||||||||||
(ii) That unaccounted accrued income of Rs.100 be provided for. | ||||||||||||||||||||||||||||||||||||||||||
(iii) Investment was revalued at Rs.4,500. | ||||||||||||||||||||||||||||||||||||||||||
(iv) A debtor whose dues of Rs.500 was written off as bad debts, now paid Rs.400 in full settlement. | ||||||||||||||||||||||||||||||||||||||||||
(v) A claim of Rs.200 on account of workmen compensation to be provided for. | ||||||||||||||||||||||||||||||||||||||||||
New Profit Sharing Ratio of the partners: |
A) 3:1:1
B) 3:2:1
C) 3:1:2
D) 3:3:2
Correct Answer: A
Solution :
3:1:1You need to login to perform this action.
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