J.K. SHAHCLAS SESCA FOUNDATION- ACCOUNTANCYRequired:Prepare necessary journal entries.Q.4 Calculate gain ratio in following casesCase -1A. B and C are partners sharing profits and losses in the ratio of 1/2, 3/10 and1/5 respectively. B retires from the firm and A&C decide to share future profits andlosses in the ratio of 3:2.Case-2W, A, B and C are partners sharing profits and losses in the ratio of 1/3, 1/6, 1/3and 1/6 respectively. B retires and W, A and C decide to share future profits andlosses equally.Case-3B and C are partners sharing profits and losses in the ratio of 25:15:9. Bretires and it is decided that profit sharing ratio between A&C will be the same asexisting between B and C.Case-4A, B and Care partners sharing profits and losses in the ratio of 4/9, 1/3 and 2/9.B retires and surrenders 1/9th of his share in favour of A and remaining in favourof C.Q.5 A partner's loan stands at ? 30,000 being amount payable to partner onretirementand that it has to be paid in four annual equal installments andthat the loan is to carry interest at 6% per annum. Prepare loan account ofretiring partner for four years.0.6 K, L & M are partners sharing pro-fits and losses in the ratio 5:3:2. Due to illness,L wanted to retire from the -firm on 31.3.2015 and admit his son N in his place.159

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A B and C are partners sharing profits and losses in the ratio of 1/2, 3/10 and 1/5 respectively. B retires from the firm and A&C decide to share future profits and losses in the ratio of 3:2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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