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प्रश्न
At the time of admission of new partner Vasu, old partners Paresh and Prabhav had debtors of ₹ 6,20,000 and a provision for doubtful debts of ₹ 20,000 in their books. As per terms of admission, assets were revalued, and it was found that debtors worth ₹ 15,000 had turned bad and hence should be written off. Which journal entry reflects the correct accounting treatment of the above situation?
विकल्प
Bad Debts A/c ...Dr. 15,000 - To Sundry Debtors - 15,000 Provision for Doubtful Debts A/c ...Dr. 15,000 - To Bad Debts A/c - 15,000 Bad Debts A/c ...Dr. 15,000 - To Sundry Debtors - 15,000 Revaluation A/c ...Dr. 15,000 - To Provision for Doubtful Debts A/c - 15,000 Revaluation A/c ...Dr. 15,000 - To Sundry Debtors A/c - 15,000 Bad Debt A/c ...Dr. 15,000 - To Revaluation A/c - 15,000
उत्तर
| Bad Debts A/c ...Dr. | 15,000 | - |
| To Sundry Debtors | - | 15,000 |
| Provision for Doubtful Debts A/c ...Dr. | 15,000 | - |
| To Bad Debts A/c | - | 15,000 |
संबंधित प्रश्न
Do you advise that assets and liabilities must be revalued at the time of admission of a partner? If so, why? Also describe how is this treated in the book of account?
A and B are partners in a firm sharing profits and losses in the ratio of 3:2. They decide to admit C into partnership with 1/4 share in profits. C will bring in Rs. 30,000 for capital and the requisite amount of goodwill premium in cash. The goodwill of the firm is valued at Rs, 20,000. The new profit sharing ratio is 2:1:1. A and B withdraw their share of goodwill. Give necessary journal entries?
X and Y are partners in a firm sharing profits and losses in 4:3 ratio. They admitted Z for 1/8 share. Z brought Rs. 20,000 for his capital and Rs. 7,000 for his 1/8 share of goodwill. Subsequently X, Y and Z decided to show goodwill in their books at Rs. 40,000. Show necessary journal entries in the books of X, Y and Z?
The following was the Balance Sheet of Arun, Bablu and Chetan sharing profits and losses in the ratio of `6/14 : 5/14 : 3/14` respectively.
|
Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
Creditors |
|
9,000 |
Land and Buildings |
24,000 |
|
|
Bills Payable |
|
3,000 |
Furniture |
3,500 |
|
|
Capital Accounts |
|
|
Stock |
14,000 |
|
|
|
Arun |
19,000 |
|
Debtors |
12,600 |
|
|
Bablu |
16,000 |
|
Cash |
900 |
|
|
Chetan |
8,000 |
43,000 |
|
|
|
|
|
55,000 |
|
55,000 |
|
They agreed to take Deepak into partnership and give him a share of 1/8 on the following terms:
(a) that Deepak should bring in Rs 4,200 as goodwill and Rs 7,000 as his Capital;
(b) that furniture be depreciated by 12%;
(c) that stock be depreciated by 10% ;
(d) that a Reserve of 5% be created for doubtful debts;
(e) that the value of land and buildings having appreciated be brought upto Rs 31,000;
(f) that after making the adjustments the capital accounts of the old partners (who continue to share in the same proportion as before) be adjusted on the basis of the proportion of Deepak’s Capital to his share in the business, i.e., actual cash to be paid off to, or brought in by the old partners as the case may be.
Prepare Cash Account, Profit and Loss Adjustment Account (Revaluation Account) and the Opening Balance Sheet of the new firm.
X and Y were partners in a firm sharing profits and losses in the ratio of 2 : 1. Z was admitted for 1/3rd share in the profits. On the date of Z's admission, the Balance Sheet of X and Y showed General Reserve of ₹ 2,50,000 and a credit balance of ₹ 50,000 in Profit and Loss Account. Pass necessary Journal entries on the treatment of these items on Z's admission.
X and Y are partners sharing profits in the ratio of 3 : 2. They admitted Z as a partner for 1/4th share of profits. At the time of admission of Z, Investments appeared at ₹ 80,000. Half of the investments to be taken by X and Y in their profit-sharing ratio at book value. Remaining investments were valued at ₹ 50,000. Pass the necessary Journal entries.
Pass entries in firm's Journal for the following on admission of a partner:
(i) Unrecorded Investments worth ₹ 20,000.
(ii) Unrecorded liability towards suppliers for ₹ 5,000.
(iii) An item of ₹ 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back.
E and F were partners in a firm sharing profits in the ratio of 3 : 1. They admitted G as a new partner on 1st April, 2019 for 1/3rd share. It was decided that E, F and G will share future profits equally. G brought ₹ 50,000 in cash and machinery valued at ₹ 70,000 as premium for goodwill.
Pass necessary Journal entries in the books of the firm.
A and B are partners in firm sharing profits in the ratio of 2 : 1. They admit C as a new partner for `1/5` share. New Ratio will be 8 : 4 : 3. Sacrificing ratio will be:
A and B are partners in a firm sharing profits in the ratio of 5 : 3. They admit C as a new partner for `1/5` share. New Ratio will be 3 : 1 : 1. Sacrificing ratio will be:
A and B are partners in firm sharing profits in the ratio of 4 : 3. They admit C as a new partner. New Ratio will be 2 : 3 : 1. Sacrificing ratio will be:
A and B are partners in firm sharing profits in the ratio of 5 : 3. They admit C as a new partner for `1/7` share. New Ratio will be 4 : 2 : 1. Sacrificing ratio will be:
The firm number of partners increase:
Which of the following account is prepared at the time of admission of a new partner?
On the admission of a new partner:
Complete the following sentence.
______ of a partner is a mode of reconstituting the firm.
According to which section of the Indian Partnership Act, 1932, a person be admitted as a new partner?
General Reserve at the time of admission of the partner is transferred to ______
A and B are partners sharing profit in the ratio of 3 : 2. They admit C as a partner by giving him `1/3`rd share in future profits. The new ratio will be:
