I need the answer as soon as possible Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses inthe ratto of 3:3:2. They decided to share the profits equally w.e.f. April 1, 2015.Their Balance Sheet as on March 31, 2016 was as follows :LtabtltttesAmount Assets(Rs.)Amount(Rs.)1,50,000 Cash at Bank80,000 Bills RecetvableSundry DebtorsStock70,000 Fixed AssetsSundry CreditorsGeneral Reserve40,00050,00060,0001,20,000Partner's Loan:Dinesh40,000_30,000RameshPartners Capital :DineshRameshSuresh2,80,0001,00,00080,00070,0002,50,0005,50,0005,50,000It was also dectde that :1. The fixed assets should be valued at Rs. 3,31,000.2. A provisions of 5% on sundry debtors be made doubtful debts.3. The goodwill of the firm at this date be valued at 4% years purchase of theaverage net profts of last, five years whtch were Rs. 14,000; Rs. 17,000;Rs. 20,000; Rs. 22,000 and Rs. 27,000 respectively.4. The value of stock be reduced to Rs. 1,12,000.5. Goodwill was not to appear tn the books. Pass the necessary journal entriesand prepare the revised Balance sheet of the firm.

Partnership- Partnership refers to the form of organization that is incorporated with the mutual…

Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of 3:3:2. They dectded to share the profits equally w.e.f. April 1, 2015. Thetr Balance Sheet as on March 31, 2016 was as follows: Ltabtltttes Arnount Assets (Rs.) Amount (Rs.) Sundry Creditors General Reserve Partner's Loan: Dinesh Ramesh Partners Capital : Dinesh Ramesh Suresh 1,50,000 Cash at Bank 80,000 Bills Recetvable Sundry Debtors Stock 70,000 Fixed Assets 40,000 50,000 60,000 40,000 _30,000 1,20,000 2,80,000 1,00,000 80,000 70,000 2,50,000 5,50,000 5,50,000 It was also decide that : 1. The fixed assets should be valued at Rs. 3,31,000. 2. A provisions of 5% on sundry debtors be made doubtful debts. 3. The goodwill of the firm at this date be valued at 4% years purchase of the average net profts of last, five years which were Rs. 14,000; Rs. 17,000; Rs. 20,000; Rs. 22.000 and Rs. 27,000 respectively. 4. The value of stock be reduced to Rs. 1,12,000. 5. Goodwill was not to appear in the books. Pass the necessary journal entrtes and prepare the revised Balance sheet of the firm.

Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of 3:3:2. They dectded to share the profits equally w.e.f. April 1, 2015. Thetr Balance Sheet as on March 31, 2016 was as follows: Ltabtltttes Arnount Assets (Rs.) Amount (Rs.) Sundry Creditors General Reserve Partner's Loan: Dinesh Ramesh Partners Capital : Dinesh Ramesh Suresh 1,50,000 Cash at Bank 80,000 Bills Recetvable Sundry Debtors Stock 70,000 Fixed Assets 40,000 50,000 60,000 40,000 _30,000 1,20,000 2,80,000 1,00,000 80,000 70,000 2,50,000 5,50,000 5,50,000 It was also decide that : 1. The fixed assets should be valued at Rs. 3,31,000. 2. A provisions of 5% on sundry debtors be made doubtful debts. 3. The goodwill of the firm at this date be valued at 4% years purchase of the average net profts of last, five years which were Rs. 14,000; Rs. 17,000; Rs. 20,000; Rs. 22.000 and Rs. 27,000 respectively. 4. The value of stock be reduced to Rs. 1,12,000. 5. Goodwill was not to appear in the books. Pass the necessary journal entrtes and prepare the revised Balance sheet of the firm.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 35P

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