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प्रश्न
A and B are partners in a firm sharing profits in the ratio of 3:2. On 31.3.2014, the Balance Sheet of the firm was as follows :
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capitals A 60,000 B 20,000 |
80,000 |
Sundry Assets
|
80,000
|
| 80,000 | 80,000 |
The Profit of Rs 80,000 for the year ended 31.3.2014 was divided between the partners without allowing interest on capital @ 12% per annum and a salary to A at Rs 1,000 per month. During the year A withdrew Rs 10,000 and B Rs 20,000.
Pass a single journal entry to rectify the error
उत्तर
| Journal | ||||
| Date | Particulars | L.F. |
Dr. Rs |
Cr. Rs |
|
B’s Capital A/c Dr. To A’s Capital A/c (Being rectification is done for an omission of interest on capital and salary) |
5,280
|
5,280
|
||
Adjusting Table
| Particulars | A | B | Total |
| Interest on Capital to be credited @ 12% (Cr.) | 2,640 | 960 | 3,600 |
| Salary to A (Cr.) | 12,000 | - | 12,000 |
| Profit to be credited (Cr.) | 38,640 | 25,760 | 64,400 |
| Profit wrongly credited (Dr.) | 48,000 | 32,000 | 80,000 |
| Difference | 5,280 (Cr.) | 5,280 (Dr.) | Nil |
| Particulars | A | B |
|
Capital at the end Less: Profit already credited Add: Drawings already debited |
60,000 48,000 10,000 |
20,000 32,000 20,000 |
| Capital at the beginning | 22,000 | 8,000 |
Calculation of Interest on Capital
Interest on A's Capital :`22000 xx 12/100 = 2640`
Interest on B's Capital :`8000 xx 12/100 = 960`
संबंधित प्रश्न
Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3: 1. Chaman was admitted as a new partner for `1/6` th share in the profits. Chaman acquired `2/5` th of his share from Amit. How much share did Chaman acquire from Beena?
A. B, C and D were partners in a firm sharing profits in the ratio of 4: 3: 2: 1. On 1-1-2015 they admitted E as a new partner for `1/10` share in the profits. E brought Rs 10,000 for his share of goodwill premium which was correctly recorded in the books by the accountant. The accountant showed goodwill at Rs 1,00,000 in the books. Was the accountant correct in doing so? Give reason in support of your answer.
Geeta, Sunita and Anita were partners in a firm sharing profits in the ratio of 5:3:2. On 1.1.2015 they admitted Yogita as a new partner for the 1/10th share in the profits. On Yogita's admission, the Profit and Loss Account of the firm was showing a debit balance of Rs 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and Anita in their profit sharing ratio. Did the accountant give correct treatment? Given reason in support of your answer.
The Current Ratio of a company is 2.1: 1.2. A state with reasons which of the following transactions will increase, decrease or not change the ratio:
(1) Redeemed 9% debentures of Rs 1, 00,000 at a premium of 10%.
(2) Received from debtors Rs 17,000.
(3) Issued Rs 2,00,000 equity shares to the vendors of machinery.
(4) Accepted bills of exchange drawn by the creditors Rs 7,000.
K and L were partners in a firm sharing profits in the ratio of 3: 2. On 1.4.2014, their Balance Sheet was as follows :
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capitals K 80,000 L 1,00,000 |
1,80,000 |
Sundry Assets
|
1,80,000
|
| 1,80,000 | 1,80,000 |
The Profit of for the year ended 31.3.2014, Rs 90,000 was divided between the partners without allowing interest on capital @ 6% per annum and a salary to K at Rs 4,000 per quarter. During the year K withdrew Rs 20,000 and L withdrew Rs 27,000.
Pass a single journal entry to rectify the error.
State the ratio in which the partners share profits or losses on the revaluation of assets and liabilities when there is a change in profit sharing ratio amongst existing partners?
S, T, U and V were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 1-4-2016 their Balance Sheet was as follows:
|
Balance Sheet of S, T, U and V as on 1.4.2016 |
||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
Capitals: |
|
Fixed Assets |
4,40,000 |
|
|
S |
2,00,000 |
|
Current Assets |
2,00,000 |
|
T |
1,50,000 |
|
|
|
|
U |
1,00,000 |
|
|
|
|
V |
50,000 |
5,00,000 |
|
|
|
|
|
|
|
|
| Sundry Creditor | 80,000 | |||
|
Workmen |
|
|
|
|
|
Compensation Reserve |
60,000 |
|
|
|
|
|
6,40,000 |
|
6,40,000 |
|
|
|
|
|
||
From the above data the partners decided to share the future profits in 3 : 1 : 2 : 4 ratio. For this purpose the goodwill of the firm was valued at Rs 90,000.
The partners also agreed for the following :
(i) The claim for workmen compensation has been estimated at Rs 70,000.
(ii) To adjust the capitals of the partners according to new profit sharing ratio by opening partners current accounts.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.
W and R are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31st March, 2016 was as follows
|
Balance Sheet of W and R as on 31.3.2016 |
||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
Sundry Creditors |
20,000 |
Cash |
12,000 |
|
|
Provision for Bad Debts |
2,000 |
Debtors |
18,000 |
|
|
Outstanding Salary |
3,000 |
Stock |
20,000 |
|
|
General Reserve |
5,000 |
Furniture |
40,000 |
|
|
|
|
Plant & Machinery |
40,000 |
|
|
Capitals: |
|
|
|
|
|
W |
60,000 |
|
|
|
|
R |
40,000 |
1,00,000 |
|
|
|
|
1,30,000 |
|
1,30,000 |
|
|
|
|
|
||
On the above date C was admitted for 16th16th share in the profits on the following terms:
(i) C will bring Rs 30,000 as his capital and Rs 10,000 for his share of goodwill premium, half of which will be withdrawn by W and R.
(ii) Debtors Rs 1,500 will be written off as bad debts and a provision of 5% will be created for bad and doubtful debts.
(iii) Outstanding salary will be paid off.
(iv) Stock will be depreciated by 10%, furniture by Rs 500 and Plant and Machinery by 8%.
(v) Investments Rs 2,500 not mentioned in the balance sheet were to be taken into account.
(vi) A creditor of Rs 2,100 not recorded in the books was to be taken into account. Pass necessary Journal Entries for the above transactions in the books of the firm on C’s admission.
Pankaj and Naresh were partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals were Rs 5,00,000 and Rs 3,00,000 respectively. On 1.1.2017, Saurabh was admitted as a new partner for `1/5th` share in the profits. Saurabh acquired his share of profit from Pankaj. Saurabh brought Rs 3,00,000 as his capital which was to be kept fixed like the capitals of Pankaj and Naresh.
Calculate the goodwill of the firm on Saurabh's admission and the new profit sharing ratio of Pankaj, Naresh and Saurabh. Also, pass necessary journal entry for the treatment of goodwill.
Mahadev, Sukesh, Menon and Thomas were partners in a firm sharing profits in the ratio of 5 : 2 : 2 : 1. On 31st March 2016 their Balance Sheet was as follows:
|
Balance Sheet of Mahadev, Sukesh, Menon and Thomas as at 31.3.2016 |
||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
Capitals: |
|
Fixed Assets |
18,00,000 |
|
|
Mahadev |
7,00,000 |
|
Current Assets |
6,75,000 |
|
Sukesh |
6,00,000 |
|
|
|
|
Menon |
5,00,000 |
|
|
|
|
Thomas |
4,50,000 |
22,50,000 |
|
|
|
|
|
|
|
|
|
Sundry Creditors |
1,50,000 |
|
|
|
|
Workmen Compensation Reserve |
75,000 |
|
|
|
|
|
24,75,000 |
|
24,75,000 |
|
|
|
|
|||
From the above data the partners decided to share the future profits in the ratio of 4 : 3 : 2 : 1. For this purpose the goodwill of the firm was valued at Rs 1,20,000. The partners also agreed for the following:
(i) Claims against Workmen Compensation Reserve was estimated at Rs 1,00,000 and Rs 75,000 depreciation on fixed assets was to be provided.
(ii) Capitals of the partners will be adjusted according to the new profit sharing ratio by bringing in or paying off cash as the case may be.
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm.
Bhuwan and Shivam were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were Rs 50,000 and Rs 75,000 respectively. They admitted Atul on 1st April, 2013 as a new partner for 1/4th share in the future profits. Atul bought Rs 75,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transactions on Atul's admission.
‘B’ and ‘C’ were partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31-3-2011 was as follows:
|
Balance Sheet of B and C as on 31-3-2011 |
|
||||
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
||
|
Capital: |
|
|
Land and Building |
80,000 |
|
|
‘B’ |
60,000 |
|
Machinery |
20,000 |
|
|
‘C’ |
40,000 |
1,00,000 |
Furniture |
10,000 |
|
|
|
|
|
Debtors |
25,000 |
|
|
Provision for bad debts |
1,000 |
Cash |
16,000 |
||
|
Creditors |
|
60,000 |
Profit and Loss Account |
10,000 |
|
|
|
|
|
|
|
|
|
|
1,61,000 |
|
1,61,000 |
||
|
|
|
|
|
||
D’ was admitted to the partnership for 1/5th share in the profits on the following terms:
(i) The new profit sharing ratio was decided as 2:2:1.
(ii) D will bring Rs 30,000 as his capital and Rs 15,000 for his share of goodwill.
(iii) Half of goodwill amount was withdrawn by the partner who sacrificed his share of profit in favour of ‘D’.
(iv) A provision of 5% for bad and doubtful debts was to be maintained.
(v) An item of Rs 500 included in Sundry Creditors was not likely to be paid.
(vi) An provision of Rs 800 was to be made for claims for damages against the firm.
After making the above adjustments the Capital Accounts of ‘B’ and ‘C’ were to be adjusted on the basis of D’s Capital. Actual cash wash to be brought in or to be paid off as the case may be.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.
Sanjay and Sameer were partners in a firm sharing profits in the ration of 2 : 3. On 31.3.2011 their Balance Sheet was as follows:
|
Balance Sheet of Sanjay and Sameer as on 31.3.2011 |
||||
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
|
Capitals |
|
Land and Building |
3,00,000 |
|
|
Sanjay: |
2,00,000 |
|
Stock |
1,00,000 |
|
Sameer: |
3,00,000 |
5,00,000 |
Debtors |
1,50,000 |
|
Creditors |
1,05,000 |
Bank |
1,55,000 |
|
|
Workmen compensation Fund |
1,00,000 |
|
|
|
|
|
7,05,000 |
|
||
The firm was dissolved on 1.4.2011 and the Assets and Liabilities were settled as follows:
(i) Sanjay agreed to take over land and Building at Rs 3,50,000 by paying cash;
(ii) Stock was sold for Rs 90,000.
(iii) Creditors accepted Debtors in full settlement of their claim.
Pass necessary Journal entries for dissolution of the firm.
Why are ‘Reserve and Surplus’ distributed at the time of reconstitution of the firm?
How does the factor ‘Efficiency of Management’ affect the goodwill of a firm?
