A, B and C who were sharing profits and losses in the ratio of 4:3:2 decided to share the future profits and losses in the ratio to 2:3:4 with effect from 1st April 2023. An extract of their Balance Sheet as at 31st March 2023 is:
At the time of reconstitution, a certain amount of Claim on workmen compensation was determined for which B’s share of loss amounted to₹5,000. The Claim for workmen compensation would be:
a) ₹15,000 b) ₹70,000 c) ₹50,000 d) ₹80,000
OR
A, B and C are in partnership business. A used ₹2,00,000 belonging to the firm without the information to other partners and made a profit of ₹35,000 by using this amount. Which decision should be taken by the firm to rectify this situation?
a) A need to return only ₹2,00,000 to the firm. b) A is required to return ₹35,000 to the firm. c) A is required to pay back ₹35,000 only equally to B and C. d) A need to return ₹2,35,000 to the firm.
