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प्रश्न
Ajay, Vijay and Sanjay were partners sharing profits and losses in the ratio of 3 : 3 : 2. Their Balance Sheet as on 31st March 2020 is as follows:
| Balance Sheet as on 31st March, 2020 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 32,700 | Bank | 19,800 |
| Reserve Fund | 12,000 | Stock | 19,800 |
| Capital Accounts: | Debtors | 15,000 | |
| Ajay | 33,000 | Livestock | 30,000 |
| Vijay | 45,000 | Plant and Machinery | 62,100 |
| Sonjay | 24,000 | ||
| 1,46,700 | 1,46,700 | ||
On 1st April 2020 Sanjay retired from the firm on the following terms:
- R.D.D. is to be maintained at 10% on debtors.
- ₹ 300 to be written off from creditors.
- Goodwill of the firm is to be valued at ₹ 12,000. however only Sanjay's share in it is to be raised in the books and written off immediately.
- Assets to be revalued as: Stock ₹ 18,900, Plant and machinery ₹ 60,000, Live Stock ₹ 30,600.
- The amount payable to Sanjay is to be transferred to his Loan account after retirement:
Prepare:
- Revaluation Account
- Partners' Capitol Account
- Balance Sheet of the New firm.
उत्तर
| Dr. | In the books of firm Revaluation Account |
Cr. | ||
| Particulars | Amount (₹) | Particulars | Amount (₹) | |
| To R.D.D. A/c | 1,500 | By Creditors A/c | 300 | |
| To Stock A/c | 900 | By Live Stock A/c | 600 | |
| To Plant and Machinery A/c | 2,100 | By Revaluation loss: | ||
| Ajay capital A/c | 1,350 | 3,600 | ||
| Vijay capital A/c | 1,350 | |||
| Sanjay capital A/c | 900 | |||
| 4,500 | 4,500 | |||
| Dr. | Partner's Capital Accounts | Cr. | |||||
| Particulars | Ajay (₹) | Vijay (₹) | Sanjay (₹) | Particulars | Ajay (₹) | Vijay (₹) | Sanjay (₹) |
| To Goodwill A/c | 1,500 | 1,500 | - | By Balance b/d | 33,000 | 45,000 | 24,000 |
| To Revaluation A/c (Loss) | 1,350 | 1,350 | 900 | By Reserve Fund A/c | 4,500 | 4,500 | 3,000 |
| To Sanjay's Loan A/c | - | - | 29,100 | By Goodwill A/c | - | - | 3,000 |
| To Balance c/d | 34,650 | 46,650 | - | ||||
| 37,500 | 49,500 | 30,000 | 37,500 | 49,500 | 30,000 | ||
| Dr. | M/s Ajay and Vijay New Balance Sheet as on 1st April, 2020 |
Cr. | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) | ||
| Capitals | Less: Written off | 19,800 | 18,900 | ||
| Ajay | 34,650 | 81,300 | 900 | ||
| Vijay | 46,650 | Debtors | 15,000 | 13,500 | |
| Sanjay's Loan A/c | 29,100 | Less: R.D.D. | (1,500) | ||
| Creditors | 32,700 | 32,400 | Live Stock | 30,000 | 30,600 |
| Less: Written off | 300 | Add: Appreciation | 600 | ||
| Machinery | 62,100 | 60,000 | |||
| Less: Depreciation | (2,100) | ||||
| Bank | 19,800 | ||||
| 1,42,800 | 1,42,800 | ||||
APPEARS IN
संबंधित प्रश्न
Following is the Balance Sheet of R.S. Ltd. as at 31st March, 2016 :
|
R.S. Ltd. Balance Sheet as at 31-3-2016 |
|||
|
Particulars |
NoteNo. |
31-03-2016 (Rs) |
31-03-2015 (Rs) |
|
I. Equity and Liabilities : (1) Shareholder's Funds |
|||
|
(a) Share Capital |
9,00,000 |
7,00,000 |
|
|
(b) Reserves and Surplus |
1 |
2,50,000 |
1,00,000 |
|
(2) Non-current Liabilities |
|||
|
Long-term borrowings |
2 |
4,50,000 |
3,50,000 |
|
(3) Current Liabilities |
|||
|
(a) Short-term borrowings |
3 |
1,50,000 |
75,000 |
|
(b) Short-term provisions |
4 |
2,00,000 |
1,25,000 |
|
Total |
19,50,000 |
13,50,000 |
|
|
II. Assets |
|||
|
(1) Non-current Assets |
|||
|
(a) Fixed Assets |
|||
|
(i) Tangible |
5 |
14,65,000 |
9,15,000 |
|
(ii) Intangible |
6 |
1,00,000 |
1,50,000 |
|
(b) Non-current Investments |
1,50,000 |
1,00,000 |
|
|
(2) Current Assets |
|||
|
(a) Current Investments |
|
40,000 |
70,000 |
|
(b) Inventories |
7 |
1,22,000 |
72,000 |
|
(c) Cash and Cash Equivalents |
73,000 |
43,000 |
|
|
Total |
19,50,000 |
13,50,000 |
|
|
Note No. |
Particulars |
31-03-2016 (Rs) |
31-03-2015 (Rs) |
|
(1) |
Reserves and Surplus |
|
|
|
|
(Surplus i.e. Balance in Statement of Profit and Loss) |
2,50,000 |
1,00,000 |
|
|
|
2,50,000 |
1,00,000 |
|
|
|
|
|
|
(2) |
Long-term borrowings |
|
|
|
|
12% Debentures |
4,50,000 |
3,50,000 |
|
|
|
4,50,000 |
3,50,000 |
|
|
|
|
|
|
(3) |
Short-term borrowings |
|
|
|
|
Bank overdraft |
1,50,000 |
75,000 |
|
|
|
1,50,000 |
75,000 |
|
|
|
|
|
|
(4) |
Short-term provisions |
|
|
|
|
Proposed Dividend |
2,00,000 |
1,25,000 |
|
|
|
2,00,000 |
1,25,000 |
|
|
|
|
|
|
(5) |
Tangible Assets |
|
|
|
|
Machinery |
16,75,000 |
10,55,000 |
|
|
Accumulated Depreciation |
(2,10,000) |
(1,40,000) |
|
|
|
14,65,000 |
9,15,000 |
|
|
|
|
|
|
(6) |
Intangible Assets |
|
|
|
|
Goodwill |
1,00,000 |
1,50,000 |
|
|
|
1,00,000 |
1,50,000 |
|
|
|
|
|
|
(7) |
Inventories |
|
|
|
|
Stock in trade |
1,22,000 |
72,000 |
|
|
|
1,22,000 |
72,000 |
|
|
|
Additional Information :
(1) Rs 1,00,000, 12% Debentures were issued on 31-3-2016.
(2) During the year a piece of machinery costing Rs 80,000 on which accumulated depreciation was Rs 40,000 was sold at a loss of Rs 10,000.
Prepare a Cash Flow Statement.
At what figures the value of assets and liabilities appear in the books of the firm after revaluation has been done? Show with the help of an imaginary balance sheet.
Sanjana and Alok were partners in firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 their Balance Sheet was as follows:
Balance Sheet of Sanjana and Alok as on 31.3.2018
| Liabilities |
Amount (₹) |
Assets | Amount (₹) |
| Creditors | 60,000 | Cash | 1,66,000 |
| Work men's Compensation Fund | 60,000 | Debtors - 1,46,000 | |
| Less: Provision for doubtful debts - 2,000 | 1,44,000 | ||
| Capitals: | Stock | 1,50,000 | |
| Sanjana - 5,00,000 | Investments | 2,60,000 | |
| Alok - 4,00,000 | 9,00,000 | Furniture | 3,00,000 |
| 10,20,000 | 10,20,000 |
On 1st April 2018, they admitted Nidhi as a new partner for 1/4th share in the profits on the following terms:
(a) Goodwill of the firm was valued at ₹ 4,00,000 and Nidhi brought the necessary amount in cash for her share of goodwill premium, half of which was withdrawn by the old partners.
(b) Stock was to be increased by 20% and furniture was to be reduced to 90%.
(c) Investments were to be valued at ₹ 3,00,000. Alok took over investments at this value.
(d) Nidhi brought ₹ 3,00,000 as her capital and the capitals of Sanjana and Alok were adjusted in the new profit sharing ratio.
Prepare Revaluation Account, Partners Capital Accounts, and the Balance Sheet of the reconstituted firm on Nidhi's admission.
Revaluation A/c is also known as ________ account.
Shah, Lodha, and Dhole were partners sharing profits and losses in the ratio of 4:3:3. Their Balance Sheet as on 31st March 2019 is a given below.
| Balance Sheet as on 31st March, 2019 | |||||||
| Liabilities | Amount ₹ | Amount ₹ | Assets | Amount ₹ | Amount ₹ | ||
| Sundry Creditors | 20,000 | Cash | 9,000 | ||||
| Bills payable | 4,000 | Sundry Debtors | 10,000 | ||||
| Capital Account: | (−) R.D.D. | 1,000 | 9,000 | ||||
| Shah | 45,000 | Furniture | 25,000 | ||||
| Lodha | 35,000 | Computers | 43,000 | ||||
| Dhole | 27,000 | Vehicles | 45,000 | ||||
| 1,31,000 | 1,31,000 | ||||||
On 1st April 2019, Mr. Lodha retired from the firm on the following terms.
1. Goodwill is to be valued at average Profits and Losses of the last five years which were as follows.
| Years | Profit/Loss |
| 2015 | ₹ 35,000 |
| 2016 | ₹ 20,000 |
| 2017 | ₹ 30,000 |
| 2018 | ₹ 20,000 |
| 2019 | ₹ 25,000 |
2. Computers to be depreciated by 10%
3. Furniture to be revalued at ₹ 27,500
4. Vehicles appreciated by 20%
5. R.D.D. was no longer necessary
6. Shah and Dhole will share the future profits and losses in the ratio of 2:1
7. It was decided that goodwill should not appear in the books of a new firm and amount payable to Lodha is to be transferred to his Loan A/c
Prepare: Profit and Loss adjustment A/c, Partners capital accounts, Balance sheet of new firm.
Excess of the credit side over the debit side of the revaluation account.
Balance sheet prepared after new partnership agreement, assets and liabilities are recorded at:
Profit or loss on revaluation is borne by:
Profit or Loss on revaluation of assets and reassessment of liabilities is transferred to Partners' Capital Accounts in their:
In case of admission of a partner, the entry for unrecorded investments will be:
When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at:
A decrease in the value of liability will be recorded on the ____________ side of the revaluation account.
An increase in the value of liability will be recorded on the ____________ side of the revaluation account.
At the time of admission of a new partner, general reserve appearing in the old Balance Sheet is transferred to:
Arun and Vijay are partners in a firm sharing profits and losses in the ratio of 5:1.
| Balance Sheet (Extract) | |||
| Liabilities | ₹ | Assets | ₹ |
| Machinery | 40,000 | ||
If the value of machinery reflected in the balance sheet is overvalued by `33 1/3%,` find out the value of Machinery to be shown in the new Balance Sheet.
Angle and Circle ware partners in a firm. Their Balance Sheet showed Furniture at ₹2,00,000; Stock at ₹1,40,000; Debtors at ₹1,62,000 and Creditors at ₹60,000. Square was admitted and new profit-sharing ratio was agreed at 2:3:5. Stock was revalued at ₹1,00,000, Creditors of ₹15,000 are not likely to be claimed, Debtors for ₹2,000 have become irrecoverable and Provision for doubtful debts to be provided @10%.
Angle’s share in loss on revaluation amounted to ₹30,000. Revalued value of Furniture will be?
Assertion (A): Revaluation A/c is prepared at the time of Admission of a partner.
Reason (R): It is required to adjust the values of assets and liabilities at the time of admission of a partner, so that the true financial position of the firm is reflected.
What would be the journal entry for revaluation of an unrecorded liability?
X, Y and Z are partners sharing profits and losses in the ratio of 2: 3: 1. They decided to share future profits in the ratio of 3:2: 1 with effect from 1st April, 2022. At the time of change of profit sharing ratio, unrecorded furniture will be recorded in the books of Accounts by ______.
Rajinder and Vijay were partners in a firm sharing profits in the ratio 3:2. On 31st March 2023 their balance sheet was as follows:
| Liabilities | Amount (₹) | Assets | Amount (₹) | ||
| Capital A/cs: | Fixed Assets (Tangible) |
3,60,000 | |||
| Rajinder | 3,00,000 | 4,50,000 | Goodwill | 50,000 | |
| Vijay | 1,50,000 | Investments | 40,000 | ||
| Current A/cs: | Stock | 74,000 | |||
| Rajinder | 50,000 | 60,000 | Debtors | 1,00,000 | 96,000 |
| Vijay | 10,000 | Less: Provision for Doubtful Debts |
4,000 | ||
| Creditors | 75,000 | Bank | 25,000 | ||
| General Reserve | |||||
| 6,45,000 | 6,45,000 |
With an aim to expand business it is decided to admit Ranvijay as a partner on 1st April 2023 on the following terms:
- Provision for doubtful debts is to be increased to 6% of debtors.
- An outstanding bill for repairs ₹ 50,000 to be accounted in the books.
- An unaccounted interest accrued of ₹ 7500 be provided for.
- Investment were sold at book value.
- Half of stock was taken by Rajinder at ₹ 42,000 and remaining stock was also to be revalued at the same rate.
- New profit-sharing ratio of partners will be 5:3:2.
- Ranvijay will bring ₹ 1,00,000 as capital and his share of goodwill which was valued at twice the average profit of the last three years ended 31st March 2023, 2022 and 2021 were ₹ 1,50,000, ₹ 1,30,000 and ₹ 1,70,000 respectively.
Pass necessary journal entries.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
If an asset is depreciated, Revaluation Account is ______.
The Balance Sheet of M, N and 0 who shared profits and Josses as 4 : 3 : 3 respectively.
| Balance Sheet as on 31st March, 2023 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 14,000 | Cash on Hand | 9,000 | ||
| Bank Loan | 10,000 | Sundry Debtors | 10,000 | 9,000 | |
| General Reserve | 12,500 | Less: R.D .D | 1,000 | ||
| Capital Accounts : | Livestock | 25,000 | |||
| M | 40,000 | Motor Car | 8,000 | ||
| N | 30,000 | Furniture | 35,000 | ||
| O | 24,500 | Plant and Machinery | 45,000 | ||
| 1,31,000 | 1,31,000 | ||||
N retires on 1st April, 2023 on the following terms:
(1) The share of N in Goodwill of the firm is valued at ₹ 5,400.
(2) Furniture to be depreciated by 10% and Motor Car by 12.5%.
(3) Livestock to be appreciated by 10% and Plant by 20%.
(4) A provision of ₹ 4,000 to be made for a claim of compensation.
(5) R.D.D. is no longer necessary.
(6) The amount payable to N should be transferred to his Loan A/c.
Prepare Profit and Loss Adjustment Ne, Partner's Capital Ncs and Balance Sheet of the new firm.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
