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:
Bayes’ Theorem is a part of the conditional probability that helps in finding the probability of an event, based on previous knowledge of conditions that might be related to that event.
Mathematically, Bayes’ Theorem is stated as:-
\(P(A|B)=\frac{P(B|A)P(A)}{P(B)}\)
where,
This formula confines well as long as there are only two events. However, Bayes’ Theorem is not confined to two events. Hence, for more events.