A and B are partners sharing profit in the ratio 2:3. Their balance sheet showsmachinery at Rs.2,00,000 ; Stock at Rs. 80,000: and debtors at Rs. 1,60,000, C' was admittedand new profit sharing Ratio is agreed at 6:9:5. Machinery is revalued at Rs 140000 and aprovision is made for doubtful debts @5%. A's Share in Loss on revaluation amount toRs.20,000. Revalued value of stock will be:- (A) Rs.62000 (B) Rs.1,00,000 (C) 60,000 (D) Rs.98,000
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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