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from | reconstitution of a partnership firm –retirement/death of a partner Class
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Answer


Working Notes:
WN(1): Calculation of Vaibhav’s Share of Goodwill

Vaibhav's Share of Goodwill = Firm's Goodwill His Profit Share
                            equals 1 comma 20 comma 000 cross times 1 fifth equals 24 comma 000

24,000 will be borne by gaining partners in gaining ratio.
Since, nothing is specified; it is assumed that continuing partners gain in their old profit sharing ratio of 2:2
Vika apostrophe straight s space gain space equals space 24 comma 000 cross times 2 over 4 equals 12 comma 000
Vishal apostrophe straight s space gain equals 24 comma 000 space cross times 2 over 4 equals 12 comma 0000

WN2: Calculation of Share of Debit balance in P&L A/c
Vikas apostrophe straight s space Share space equals space 50 comma 000 space cross times 2 over 5 equals 20 comma 000
Vishal apostrophe straight s space Share equals 50 comma 000 cross times 2 over 5 equals 20 comma 000
Vaibhav apostrophe straight s space Share space equals space 50 comma 000 space cross times 1 fifth equals 10 comma 000

WN3: Calculation of Share in Profit (earned during the year)
Vaibhav apostrophe straight s space Share space equals space Average space Profits space cross times space Number space of space Months space Vaibhav space Remained space cross times space His space profit space Share
space equals space 75 comma 000 cross times 9 over 12 cross times 1 fifth equals 11 comma 250

WN 4: Calculation of Amount transferred to Vaibhav's Executor A/c
Amount due to Vaibhav = Capital + Credit Items - Debit Items
                                      =3,80,000 + 24,000 - 10,000 + 11,250=4,05,250

Notes

Calendar

 
 
 
 
 
 

Access Counts

 

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Like Counts

 

Like Counts

 

Download Counts

 

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Flag Counts

 

Flag Counts

 

Correct Answer Counts

 

Correct Answer Counts

 

Wrong Answer Counts

 

Wrong Answer Counts

 

Share Counts

 

Share Counts

 

Average Correct Time

 

Average Correct Time

 

Print Count

 

Print Count

 

Bookmark Count

 

Bookmark Count

 


Working Notes:
WN(1): Calculation of Vaibhav’s Share of Goodwill

Vaibhav's Share of Goodwill = Firm's Goodwill His Profit Share
                            equals 1 comma 20 comma 000 cross times 1 fifth equals 24 comma 000

24,000 will be borne by gaining partners in gaining ratio.
Since, nothing is specified; it is assumed that continuing partners gain in their old profit sharing ratio of 2:2
Vika apostrophe straight s space gain space equals space 24 comma 000 cross times 2 over 4 equals 12 comma 000
Vishal apostrophe straight s space gain equals 24 comma 000 space cross times 2 over 4 equals 12 comma 0000

WN2: Calculation of Share of Debit balance in P&L A/c
Vikas apostrophe straight s space Share space equals space 50 comma 000 space cross times 2 over 5 equals 20 comma 000
Vishal apostrophe straight s space Share equals 50 comma 000 cross times 2 over 5 equals 20 comma 000
Vaibhav apostrophe straight s space Share space equals space 50 comma 000 space cross times 1 fifth equals 10 comma 000

WN3: Calculation of Share in Profit (earned during the year)
Vaibhav apostrophe straight s space Share space equals space Average space Profits space cross times space Number space of space Months space Vaibhav space Remained space cross times space His space profit space Share
space equals space 75 comma 000 cross times 9 over 12 cross times 1 fifth equals 11 comma 250

WN 4: Calculation of Amount transferred to Vaibhav's Executor A/c
Amount due to Vaibhav = Capital + Credit Items - Debit Items
                                      =3,80,000 + 24,000 - 10,000 + 11,250=4,05,250

Answer

Working Notes:
WN(1): Calculation of Vaibhav’s Share of Goodwill

Vaibhav's Share of Goodwill = Firm's Goodwill His Profit Share
                            equals 1 comma 20 comma 000 cross times 1 fifth equals 24 comma 000

24,000 will be borne by gaining partners in gaining ratio.
Since, nothing is specified; it is assumed that continuing partners gain in their old profit sharing ratio of 2:2
Vika apostrophe straight s space gain space equals space 24 comma 000 cross times 2 over 4 equals 12 comma 000
Vishal apostrophe straight s space gain equals 24 comma 000 space cross times 2 over 4 equals 12 comma 0000

WN2: Calculation of Share of Debit balance in P&L A/c
Vikas apostrophe straight s space Share space equals space 50 comma 000 space cross times 2 over 5 equals 20 comma 000
Vishal apostrophe straight s space Share equals 50 comma 000 cross times 2 over 5 equals 20 comma 000
Vaibhav apostrophe straight s space Share space equals space 50 comma 000 space cross times 1 fifth equals 10 comma 000

WN3: Calculation of Share in Profit (earned during the year)
Vaibhav apostrophe straight s space Share space equals space Average space Profits space cross times space Number space of space Months space Vaibhav space Remained space cross times space His space profit space Share
space equals space 75 comma 000 cross times 9 over 12 cross times 1 fifth equals 11 comma 250

WN 4: Calculation of Amount transferred to Vaibhav's Executor A/c
Amount due to Vaibhav = Capital + Credit Items - Debit Items
                                      =3,80,000 + 24,000 - 10,000 + 11,250=4,05,250

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