Skip to main content

Posts

Showing posts with the label Retirement of A Partner

iPhone 16 Series All Details & Leaks Are Here! AI, New Button, Big Display...

Unlocking the Secrets: iPhone 16 Series Revealed! AI, New Buttons, and Big Displays Unveiled! Are you eagerly awaiting the next big release from Apple? Brace yourself for the iPhone 16 series, where innovation meets anticipation. In this article, we'll delve into all the exciting details and leaks surrounding this highly anticipated release. AI Integration  One of the most buzzed-about features of the iPhone 16 series is its enhanced AI capabilities. With advanced algorithms and machine learning, these phones promise to deliver a smarter, more intuitive user experience. From personalized recommendations to seamless voice commands, get ready to interact with your device like never before. New Button Dynamics Say goodbye to the conventional button layout! The iPhone 16 series is rumored to introduce a new button configuration that enhances functionality and usability. With the addition of an action button, users can expect quicker access to their favorite features and applications, m

Ts grewal practical problems of Retirement of A Partner (2023-2024)

  Retirement of A Partner  Ts grewal solution   volume-1 (2023-2024):part-2 Question 31: X , Y and Z were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2022 was:     Liabilities ( `) Assets ( `) Creditors 49,000 Cash 8,000 Reserve 18,500 Debtors                19,000 Capital A/cs:   X 82,000   Stock 42,000 Y 60,000   Building 2,07,000 Z 75,500 2,17,500 Patents 9,000   2,85,000   2,85,000         Y retired on 1st April, 2022 on the following terms: (a) Goodwill of the firm was valued at  ` 70,000 and was not to appear in the books. (b) Bad Debts amounted to  ` 2,000 were to be written off. (c) Patents were considered as valueless. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of X and Z after Y' s retirement.   Answer: Revaluation Account Dr.   Cr. Particulars ( `) Particulars ( `) Bad Debts 2,000 Loss transferred to:   Patents 9,000 X’s Capital A/c 4,400       Y’s Capital A/c 4,400