{"id":121421,"date":"2022-05-17T16:18:30","date_gmt":"2022-05-17T10:48:30","guid":{"rendered":"https:\/\/www.mapsofindia.com\/my-india\/?p=121421"},"modified":"2022-05-17T16:18:30","modified_gmt":"2022-05-17T10:48:30","slug":"gini-bini-and-mini-were-in-partnership-sharing-profits-and-losses-in-the-ratio-of-522-their-balance-sheet-as-at-31st-march-2021-was-as-follows","status":"publish","type":"post","link":"https:\/\/www.mapsofindia.com\/my-india\/education\/gini-bini-and-mini-were-in-partnership-sharing-profits-and-losses-in-the-ratio-of-522-their-balance-sheet-as-at-31st-march-2021-was-as-follows","title":{"rendered":"Gini, Bini and Mini were in partnership sharing profits and losses in the ratio of 5:2:2. Their Balance Sheet as at 31st March, 2021 was as follows:"},"content":{"rendered":"<h2>Gini, Bini and Mini were in partnership sharing profits and losses<br \/>\nin the ratio of 5:2:2. Their Balance Sheet as at 31st March, 2021<br \/>\nwas as follows:<\/h2>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-121377 size-full\" src=\"https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/9-33.png\" alt=\"\" width=\"658\" height=\"304\" srcset=\"https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/9-33.png 658w, https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/9-33-150x69.png 150w, https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/9-33-300x139.png 300w\" sizes=\"auto, (max-width: 658px) 100vw, 658px\" \/><\/h2>\n<h2>On 31st March, 2021, Gini retired from the firm. All the partners agreed to<br \/>\nrevalue the assets and liabilities on the following basis:<br \/>\n(i) Bad debts amounted to \u20b9 5,000. A provision for doubtful debts was<br \/>\nto be maintained at 10% on debtors.<br \/>\n(ii) Partners have decided to write off existing goodwill.<br \/>\n(iii)Goodwill of the firm was valued at \u20b9 54,000 and be adjusted into<br \/>\nthe Capital Accounts of Bini and Mini, who will share profits in future<br \/>\nin the ratio of 5:4.<br \/>\n(iv)The assets and liabilities valued as: Inventories \u20b91,30,000;<br \/>\nMachinery \u20b9 82,000; Furniture \u20b91,95,000 and Building<br \/>\n\u20b9 6,00,000.<br \/>\n(v) Liability of \u20b923,000 is to be created on account of Claim for<br \/>\nWorkmen Compensation.<br \/>\n(vi)There was an unrecorded investment in shares of \u20b9 25,000. It was<br \/>\ndecided to pay off Gini by giving her unrecorded investment in full<br \/>\nsettlement of her part payment of \u20b9 28,000 and remaining amount<br \/>\nafter two months.<br \/>\nPrepare Revaluation Account and Partners\u2019 Capital Accounts as on 31st<br \/>\nMarch, 2021.<\/h2>\n<h3>Answer.<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-121379 size-full\" src=\"https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/11-24.png\" alt=\"\" width=\"651\" height=\"399\" srcset=\"https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/11-24.png 651w, https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/11-24-150x92.png 150w, https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/11-24-300x184.png 300w\" sizes=\"auto, (max-width: 651px) 100vw, 651px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-121380 size-full\" src=\"https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/12-24.png\" alt=\"\" width=\"654\" height=\"87\" srcset=\"https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/12-24.png 654w, https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/12-24-150x20.png 150w, https:\/\/www.mapsofindia.com\/ci-moi-images\/my-india\/2022\/05\/12-24-300x40.png 300w\" sizes=\"auto, (max-width: 654px) 100vw, 654px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gini, Bini and Mini were in partnership sharing profits and losses in the ratio of 5:2:2. Their Balance Sheet as at 31st March, 2021 was as follows: On 31st March, 2021, Gini retired from the firm. All the partners agreed to revalue the assets and liabilities on the following basis: (i) Bad debts amounted to [&hellip;]<\/p>\n","protected":false},"author":21830,"featured_media":121365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":{"0":"post-121421","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-education"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/121421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/users\/21830"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/comments?post=121421"}],"version-history":[{"count":1,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/121421\/revisions"}],"predecessor-version":[{"id":121422,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/121421\/revisions\/121422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media\/121365"}],"wp:attachment":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media?parent=121421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/categories?post=121421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/tags?post=121421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}