formation test 2nd year

Shamim Collegiate

House NO#  LA 54  Block 15 Gulshan e Mustafa  FB Area karachi, Mobile :: 03022282940.

Accounting for partnership Formation

2^ND YEAR ACCOUNTING TEST BY SIR TARIQ

Q2)Tariq , Kiran and suleman formed a partnership under  Name of TKS Traders and agreed to share profit and loss in the ratio of 3:2:4 respectively, this ratio is determined on the basis of capital contributed by each partner  as per agreement  the total capital of the firm shall be 120,000.00

Required General journal and balance sheet

Q3)on feb 2014 salman rehman and kamran formed a partnership under the name SRK Brothers  and agreed profit and loss in the ratio 1:2:3 and total capital 1080000

Salman invest cash 60,000 and furniture 120,000

Rehman Machinary rs 200,000 and sufficient cash for the balance

Kamran contributed sufficient cash

 Required General journal and balance sheet