Accounting Problems On Sharing Profit Homework Help
- August 28, 2017
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- Category: Accounting QA
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1-A,B and C takes a joint life policy, after 5 years. B retires from the firm.old profit sharing ratio is 2:2:1 after retirement A and C decides to shares profit equally. they had taken a joint life policy of rs.500000 with the surrender value of rs.100000. what will be treatment in partner’s capital account on receiving the JLP amount if joint life premium fully charged to revenue as and when paid.
2-A,B and C takes a joint life policy, after 5 years B retires from the firm.old profit sharing ratio is 2:2:1 after retirement A and C decides to shares profit equally. they had taken a joint life policy of rs.500000 with the surrender value of rs.100000. what will be treatment in partener’s capital account on receiving the JLP amount if joint life is maintained at the surrender value.
3-A,B and C takes a joint life policy, after 5 years B retires from the firm.old profit sharing ratio is 2:2:1 after retirement A and C decides to shares profit equally. they had taken a joint life policy of rs.500000 with the surrender value of rs.100000. what will be treatment in partener’s capital account on receiving the JLP amount if joint life is maintained at the surrender along with the reserve.
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4-A,B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B goodwill was valued at Rs. 60000. what will be the contribution of A and C to compensate.
5-To provide funds to pay to the retiring partner or representative of a deceased partner,What will be generally partner takes.
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