Question
X, Y, Z enter into partnership with capital
contribution Rs. 50000, 20000 and 30000 respectively X is working partner of get 20% of profit for managing the business. The remaining profit is distributed in the respect of capital. If At the end of a year X gets Rs. 300 more than Y and Z, then find total profit is?Solution
Ratio of investment of X, Y and Z = 50 : 25 : 30 = 10 : 4 : 6 Let total profit be 100%. After 20% given to X, Value of 1 unit = 80%/20 = 4% => (20 + 10 × 4 – (6+4) × 4)% = 300 ∴ Total profit = Rs. 1500
A company acquired a machine for ₹12 lakhs with an expected useful life of 6 years and residual value of ₹1.2 lakh. Using the straight-line method, ...
NRV or net realizable value of inventory is the expected selling price or market value less....
If the capital of a business is 230000, liabilities are 50000, loss 80000, then asset will be?
A machine costing ₹4,00,000 has a useful life of 5 years with scrap value ₹25,000. The company provides depreciation on WDV at 25% p.a. After 3 year...
Under which condition will no depreciation be charged on a fixed asset during a financial year?
Which asset is not eligible for depreciation under the Income Tax Act?
A company purchases machinery for ₹50 lakhs with a useful life of 10 years and salvage value of ₹5 lakhs. The company uses straight-line depreciatio...
A machinery costing ₹10 lakhs has a useful life of 5 years and a salvage value of ₹1 lakh. Using the straight-line method, the firm changes the usef...
Under which condition will no depreciation be charged on a fixed asset during a financial year?
If a firm has been changing its depreciation policy every year, it is violating the_______ concept/principle of accounting.
Relevant for Exams:
