Calculate the Cost of Revenue from Operations: \[ \text{Cost of Revenue from Operations} = 20\% \times 4,00,000 = 0.2 \times 4,00,000 = 80,000 \] Calculate the Profit before Tax: \[ \text{Profit before Tax} = \text{Revenue from Operations} - \text{Cost of Revenue from Operations} \] \[ = 4,00,000 - 80,000 = 3,20,000 \] Calculate the Tax Amount: \[ \text{Tax} = 50\% \times \text{Profit before Tax} = 0.5 \times 3,20,000 = 1,60,000 \] Calculate Profit after Tax: \[ \text{Profit after Tax} = \text{Profit before Tax} - \text{Tax} = 3,20,000 - 1,60,000 = 1,60,000 \] Thus, the amount of Profit after Tax is 1,60,000.
Simar, Tanvi, and Umara were partners in a firm sharing profits and losses in the ratio of 5 : 6 : 9. On 31st March, 2024, their Balance Sheet was as follows:
Liabilities | Amount (₹) | Assets | Amount (₹) |
Capitals: | Fixed Assets | 25,00,000 | |
Simar | 13,00,000 | Stock | 10,00,000 |
Tanvi | 12,00,000 | Debtors | 8,00,000 |
Umara | 14,00,000 | Cash | 7,00,000 |
General Reserve | 7,00,000 | Profit and Loss A/c | 2,00,000 |
Trade Payables | 6,00,000 | ||
Total | 52,00,000 | Total | 52,00,000 |
Umara died on 30th June, 2024. The partnership deed provided for the following on the death of a partner:
Simar, Tanvi and Umara were partners in a firm sharing profits and losses in the ratio of 5:6:9. On 31st March, 2024 their Balance Sheet was as follows:
Umara died on 30th June, 2024. The partnership deed provided for the following on the death of a partner:
Preet and Saral were partners sharing profits and losses in the ratio of 3:2. On 31st March, 2024 they decided to change their profit sharing ratio to 1:1. On the date of reconstitution goodwill of the firm was valued at Rs 1,00,000. The journal entry for treatment of goodwill on account of change in profit-sharing ratio will be: