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April 16, 2014

Homework Help: accounting ..urgent pls

Posted by jessie on Wednesday, June 1, 2011 at 6:56pm.

can you help please..


PROB 1: A, B and C shared the profit of Rs. 9,00,000 in the ratio of 2:2:1 without providing for interest on Bs loan, B granted a loan of Rs. 4,00,000 in the beginning of accounting year. Where as the partnership deed is silent on the interest on loan and the profit sharing ratio. Give adjusting entry.

PROB 2: A and B are partners sharing profits & Losses in the ratio of 3:1. Their capitals were Rs. 60,000 and Rs. 40,000 respectively. As from 1st April 2005 it was agreed to change the profit sharing ratio to 3:2. According to the partnership deed goodwill should be valued at three years purchase of the average of five years profits. The profits of the previous five years were 2001- Rs 30,000, 2002 Rs.40,000, 2003 Rs 50,000, 2004 Rs. 60,000 & 2005 Rs. 70,000
Pass necessary Journal entry.

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