Advertisements
Advertisements
प्रश्न
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.
उत्तर
The treatment of Profit and Loss A/c (Dr.) is incorrect. The debit balance of Profit and Loss A/c
represents the loss to the firm. As a result, at the time of admission of Yogita, it must be divided among the old partners i.e. Geeta, Sunita and Anita in their old profit sharing ratio i.e. 5:3:2. Thus, it should be debited to the capital accounts of Geeta, Sunita and Anita
APPEARS IN
संबंधित प्रश्न
Virad, Vishad and Roma were partners sharing profits in the ratio of 5 : 3: 2 respectively. On March 31, 2013, their Balance Sheet as under.
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Capital: Virad 3,00,000 Vishad 2,50,000 Roma 1,50,000 Reserve Fund Creditors
|
7,00,000 60,000 1,10,000
|
Building Machinery Patents Stock Debtors Cash
|
2,00,000 3,00,000 1,10,000 1,00,000 80,000 80,000
|
| 8,70,000 | 8,70,000 |
Virad died on October 1, 2013. It was agreed between his executors and the remaining partner's that:
a. Goodwill of the firm is valued at 2 ½ years purchase of average profits for the last three years. The average profits were Rs.1,50,000.
b. Interest on capital is provided at 10% p.a.
c. Profit for the year 2013-14 is taken as having accrued at the same rate as that of the previous year which was Rs.1,50,000.
Prepare Virad's Capital Account to be presented to his Executors as on October 1, 2013.
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.
Anant, Gulab and Khushbu were partners in a firm sharing profits in the ratio of 5: 3: 2. From 1.4.2014, they decided to share the profits equally. For this purpose, the goodwill of the firm was valued at Rs 2,40,000.
Pass necessary journal entry for the treatment of goodwill on the change in the profit sharing ratio of Anant, Gulab and Khushbu.
On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the:
(1) Debit of Profit and Loss Account.
(2) A credit of Profit and Loss Account.
(3) Debit of Profit and Loss Suspense Account
(4) A credit of Profit and Loss Suspense Account
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.
The Current Ratio of a company is 2.5: 1.5. A state with reasons which of the following transactions will increase, decrease or not change the ratio
(1) Discounted a bill receivable of Rs 10,000 from the bank, Bank charged discount of Rs 200.
(2) A bill receivable Rs 8,000 discounted with the bank was dishonoured.
(3) Cash deposited into bank Rs 7,000.
(4) Paid cash Rs 5,000 to the creditors
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.
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.
P, Q, R and S were partners in a firm sharing profits in the ratio of 1 : 4 : 2 : 3. On 1-4-2016 their Balance Sheet was as follows:
|
Balance Sheet of P, Q, R and S as on 1.4.2016 |
||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
Capitals: |
|
Fixed Assets |
12,70,000 |
|
|
P |
2,00,000 |
|
Current Assets |
5,30,000 |
|
Q |
3,00,000 |
|
|
|
|
R |
4,00,000 |
|
|
|
|
S |
5,00,000 |
14,00,000 |
|
|
|
|
|
|
|
|
| Sundry Creditor | 2,30,000 | |||
|
Workmen |
|
|
|
|
|
Compensation Reserve |
1,70,000 |
|
|
|
|
|
18,00,000 |
|
18,00,000 |
|
|
|
|
|
||
From the above data the partners decided to share the future profits equally. For this purpose the goodwill of the firm was valued at Rs 2,70,000.
The partners also agreed for the following:
(i) Claim against workmen compensation reserve was estimated at Rs 2,00,000.
(ii) Capitals of the partners was to be adjusted according to the new profit sharing ratio by bringing or paying cash as the case may be.
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm.
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.
X,Y and Z are partners sharing profits in the ratio of `1/2, 3/10 and 1/5` Calculate the gaining ratio of remaining partners when Y retires from the 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.
Arun and Arora were partners in a firm sharing profits in the ratio of 5 : 3. Their fixed capitals on 1-4-2010 were: Arun Rs 60,000 and Arora Rs 80,000. They agreed to allow interest on capital @ 12% p.a. And to charge on drawings @ 15% p.a. The profit of the firm for the year ended 31-3 2011 before all above adjustments were Rs 12,600. The drawings made by Arun were Rs 2,000 and by Arora Rs 4,000 during the year. Prepare Profit and Loss Appropriation Account of Arun and Arora. Show your calculations clearly. The interest on capital will be allowed even if the firm incurs loss.
