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प्रश्न
Ganga and Jamuna are partners sharing profits in the ratio of 2 : 1. They admit Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s capital was ₹ 1,02,000 and Jamuna’s capital was ₹ 73,000. Saraswati brings ₹ 25,000 as her share of goodwill and she agrees to contribute proportionate capital to the new firm. How much capital will be brought by Saraswati?
विकल्प
₹ 43,750
₹ 37,500
₹ 50,000
₹ 40,000
उत्तर
₹ 50,000
संबंधित प्रश्न
Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013 their Balance Sheet was as follows:On the above data the firm was dissolved.
|
Balance Sheet of Ramesh and Umesh as on 31st March, 2013 |
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|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
|
Creditors |
1,70,000 |
Bank |
1,10,000 |
|
|
Workmen’s Compensation Fund |
2,10,000 |
Debtors |
2,40,000 |
|
|
General Reserve |
2,00,000 |
Stock |
1,30,000 |
|
|
Ramesh’s Current Account |
80,000 |
Furniture |
2,00,000 |
|
|
Capitals: |
|
Machinery |
9,30,000 |
|
|
Ramesh |
7,00,000 |
|
Umesh’s Current Account |
50,000 |
|
Umesh |
3,00,000 |
10,00,000 |
|
|
|
|
16,60,000 |
|
16,60,000 |
|
|
|
|
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(i) Ramesh took over 50% of stock at Rs 10,000 less than book value. The remaining stock was sold at a loss of Rs 15,000. Debtors were realised at a discount of 5%.
(ii) Furniture was taken over by Umesh for Rs 50,000 and machinery was sold for Rs 4,50,000.
(iii) Creditors were paid in full.
(iv) There was an unrecorded bill for repairs for Rs 1,60,000 which was settled at Rs 1,40,000.
Prepare Realisation Account.
Answer in one sentence only.
What is revaluation account?
Write the word/term or phrase which can substitute the following statement.
The account which shows change in the values of assets.
Write the word/term or phrase which can substitute the following statement.
Credit balance on revaluation account.
State 'True' or 'False'.
The credit balance of revaluation account means loss on revaluation account.
Answer the following question in one sentence.
What shows credit balance of revaluation account ?
Find the Odd one.
Amalendu and Sameer share profits and losses in the ratio 3:2 respectively Their balance sheet as on 31st March 2017 was as under.
Balance Sheet as on 31st March 2017
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Sundry Creditors | 10,000 | Cash at bank | 12,000 |
| Amlendu capital | 60,000 | Sundry debtors | 24,000 |
| Sameer capital | 40,000 | Land & Building | 50,000 |
| General reserve | 20,000 | Stock | 16,000 |
| Plant and machinery | 20,000 | ||
| Furniture & fixture | 8,000 | ||
| 1,30,000 | 1,30,000 |
On 1st April 2017, they admit Paresh into partnership. The term being that:
- He shall pay ₹16,000 as his share of Goodwill 50% amount of Goodwill shall be withdrawn by the old partners.
- He shall have to bring in ₹ 20,000 as his Capital for 1/4 share in future profits.
- For the purpose of Paresh’s admission, it was agreed that the assets would be revalued as follows.
A) Land and Building is to be valued at ₹ 60,000
B) Plant and Machinery to be valued at ₹ 16,000
C) Stock valued at ₹ 20,000 and Furniture and Fixtures at ₹ 4,000.
D) A Provision of 5% on Debtors would be made for Doubtful Debts.
Pass the necessary Journal Entries in the Books of a New Firm.
Mr. Deep & Mr. Karan were in Partnership sharing Profits & Losses in the proportion of 3:1 respectively. Their Balance Sheet On 31st March 2018 Stood as follows.
| Balance Sheet as on 31st March, 2018 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Sundry Creditors | 40,000 | Cash | 40,000 | ||
| Bill Payable | 10,000 | Sundry debtors | 32,000 | ||
| Bank Overdraft | 11,000 | Land & Building | 16,000 | ||
| Capital A/c: | Stock | 20,000 | |||
| Deep | 60,000 | Plant and machinery | 30,000 | ||
| Karan | 20,000 | 80,000 | Furniture | 11,000 | |
| General Reserve | 8,000 | ||||
| 1,49,000 | 1,49,000 | ||||
They admit Shubham into Partnership on 1 April 2018 The term being that:
- He shall have to bring in ₹ 20,000 as his capital for 1/5 Share in future profits & 10,000 as his share of Goodwill.
- A Provision for 5% doubtful debts to be created on Sundry Debtors.
- Furniture to be depreciated by 20%
- Stock should be appreciated by 5% and Building be appreciated by 20%
- Capital A/c of all partners be adjusted in their new profit sharing ratio through cash account.
Prepare Profit and Loss Adjustment A/c, Partner’s Capital A/c, Balance sheet of the new firm.
Mr. Kishor & Mr. Lal were in partnership sharing profits & losses in the proportion of 3/4 and 1/4 respectively.
| Balance Sheet as on 31 March 2018 | |||||
| Liabilities | Amt (₹) |
Amt (₹) |
Assets | Amt (₹) |
Amt (₹) |
| Creditors | 1,20,000 | Land and Building | 75,000 | ||
| General Reserve | 12,000 | Furniture | 6,000 | ||
| Capital A/c: | Stock | 60,000 | |||
| Kishor | 90,000 | Debtors | 60,000 | ||
| Lal | 48,000 | 1,38,000 | Bills Receivable | 39,000 | |
| Cash at Bank | 30,000 | ||||
| 2,70,000 | 2,70,000 | ||||
They decided to admit Ram on 1 April 2018 on following terms:
1. He should be given 1/5th share in profit and for that he brought in ₹ 60,000 as capital through RTGS.
2. Goodwill should be raised at ₹ 60,000
3. Appreciate Land and Building by 20%
4. Furniture and Stock are to be depreciated by 10%
5. The Capitals of all partners should be adjusted in their new profit sharing ratio through Bank A/c.
Pass necessary Journal Entries in the books of the Partnership firm and a Balance sheet of the new firm.
How are accumulated profits and losses distributed among the partners at the time of admission of a new partner?
What are the journal entries to be passed on revaluation of assets and liabilities?
Hari, Madhavan and Kesavan are partners, sharing profits and losses in the ratio of 5 : 3 : 2. As from 1st April 2017, Vanmathi is admitted into the partnership and the new profit sharing ratio is decided as 4 : 3 : 2 : 1. The following adjustments are to be made.
- Increase the value of premises by ₹ 60,000.
- Depreciate stock by ₹ 5,000, furniture by ₹ 2,000 and machinery by ₹ 2,500.
- Provide for an outstanding liability of ₹ 500.
Pass journal entries and prepare a revaluation account.
Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7 : 5. Their balance sheet as on 31st March, 2019, is as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Land | 80,000 | ||
| Amal | 70,000 | Furniture | 20,000 | |
| Vimal | 50,000 | 1,20,000 | Stock | 25,000 |
| Sundry creditors | 30,000 | Debtors | 30,000 | |
| Profit and loss A/c | 24,000 | Debtors | 19,000 | |
| 1,74,000 | 1,74,000 |
Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of ₹ 30,000 for 1/3 share in the future profit subject to the following adjustments.
- Stock to be depreciated by ₹ 5,000
- Provision for doubtful debts to be created for ₹ 3,000
- Land to be appreciated by ₹ 20,000
Prepare revaluation account and capital account of partners after admission.
Rajan and Selva are partners sharing profits and losses in the ratio of 3 : 1. Their balance sheet as on 31st March 2017 is as under:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Building | 25,000 | ||
| Rajan | 30,000 | Furniture | 1,000 | |
| Selva | 16,000 | 46,000 | Stock | 20,000 |
| General reserve | 4,000 | Debtors | 16,000 | |
| Creditors | 37,500 | Bills receivable | 3,000 | |
| Cash at bank | 12,500 | |||
| Profit and loss account | 10,000 | |||
| 87,500 | 87,500 |
On 1.4.2017, they admit Ganesan as a new partner on the following arrangements:
- Ganesan brings ₹ 10,000 as capital for 1/5 share of profit.
- Stock and furniture is to be reduced by 10%, a reserve of 5% on debtors for doubtful debts is to be created.
- Appreciate buildings by 20%.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.
If at the time of admission, there is some unrecorded liability, it will be:
Ram and Shyam were in partnership sharing profits and Losses in the proportion of 3 : 1 respectively. Their Balance sheet as on 31st March, 2020 stood as follows:
| Balance Sheet as on 31st March, 2020 | ||||
| Liabilities | Amount (₹) | Assets | Amount (₹) | |
| Sundry Creditors | 80,000 | Cash | 80,000 | |
| Bills Payable | 42,000 | Sundry Debtors | 64,000 | |
| Capital Accounts: | Land and Building | 32,000 | ||
| Ram | 1,20,000 | 1,60,000 | Stock | 40,000 |
| Shyam | 40,000 | Plant and Machinery | 60,000 | |
| General Reserve | 16,000 | Furniture | 22,000 | |
| 2,98,000 | 2,98,000 | |||
They admit Bharat into partnership on 1st April 2020. The term is that
- He shall have to bring in cash ₹ 40,000 as his Capital for 1/5th share in future profit and ₹ 20,000 as his share of Goodwill.
- A provision for 5% doubtful debts to be created on sundry debtors.
- Stock should be appreciated by 5% and Land and Building be appreciated by 20%.
- Furniture to be depreciated by 20%.
- Capital Accounts of all partners be adjusted in their new profit-sharing ratio through Cash Account.
Prepare:
- Profit and Loss Adjustment Account
- Partners' Capital Account
- Balance Sheet of the new firm.
The following is the Balance sheet of partners Aditya and Chaitanya on 31st March, 2019 they share profits and losses in the ratio of 3 : 2:
Balance sheet as on 31st march 2019
| Liabilities |
Amount ₹ |
Assets | Amount ₹ |
| Creditors | 60,000 | Building | 30,000 |
| Capital Accounts: | Furniture | 1,800 | |
| Aditya | 42,000 | Machinery | 42,000 |
| Chaitanya | 42,000 | Stock | 24,600 |
| Current Accounts: | Debtors | 54,000 | |
| Aditya | 7,500 | Cash | 6,000 |
| Chaitanya | 6,900 | ||
| 1,58,400 | 1,58,400 |
Adjustments:
They admitted Sachin into partnership on 1st April, 2019 on the following terms:
- Building to be valued at ₹ 36,000, machinery and furniture to be reduced by 10%.
- Sachin should pay ₹ 6,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
- A provision of 5% on debtors to be made for doubtful debts.
- He should bring ₹ 18,000 as capital for 1/4th share in future profit.
- Stock is to be taken at the value of ₹ 30,000.
Prepare:
- Profit and Loss Adjustment Account.
- Partners’ Current Account.
- Balance Sheet of the New Firm.
X and Y are partners in a firm with capital of ₹ 18,000 and ₹ 20,000. Z brings ₹ 10,000 for his share of goodwill and he is required to bring proportionate capital for 1/3rd share in profits. The capital contribution of Z will be ______.
