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प्रश्न
Pass entries in the firm's journal for the following on admission of a partner:
(i) Machinery be reduced by ₹ 16,000 and Building be appreciated by ₹ 40,000.
(ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to ₹ 80,000.
(iii) Provision for warranty claims be increased by ₹ 12,000.
उत्तर
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
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(i) |
Revaluation A/c |
Dr. |
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16,000 |
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To Machinery A/c |
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16,000 |
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(Value of machinery decreased) |
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Building A/c |
Dr. |
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40,000 |
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To Revaluation A/c |
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40,000 |
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(Value of building increased) |
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(ii) |
Revaluation A/c |
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To Provision for Doubtful Debts A/c |
Dr |
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4,000 |
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(Provision created on debtors) |
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4,000 |
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(iii) |
Revaluation A/c |
Dr. |
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12,000 |
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To Provision for Warranty Claims A/c |
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12,000 |
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(Liability recorded) |
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APPEARS IN
संबंधित प्रश्न
Identify various matters that need adjustments at the time of admission of a new partner.
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?
Mohan Lal and Sohan Lal were partners in a firm sharing profits and losses in 3:2 ratio. They admitted Ram Lal for 1/4 share on 1.1.2013. It was agreed that goodwill of the firm will be valued at 3 years purchase of the average profits of last 4 years which were Rs. 50,000 for 2013, Rs. 60,000 for 2014, Rs. 90,000 for 2015 and Rs. 70,000 for 2016. Ram Lal did not bring his share of goodwill premium in cash. Record the necessary journal entries in the books of the firm on Ram Lal’s admission when:
a) Goodwill already appears in the books at Rs. 2,02,500.
b) Goodwill appears in the books at Rs. 2,500.
c) Goodwill appears in the books at Rs. 2,05,000.
Ashish and Dutta were partners in a firm sharing profits in 3:2 ratio. On Jan. 01, 2015 they admitted Vimal for 1/5 share in the profits. The Balance Sheet of Ashish and Dutta as on Jan. 01, 2016 was as follows
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Balance Sheet of A and B as on 1.1.2016 |
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Liabilites |
Amount Rs |
Assets |
Amount Rs |
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Creditors |
15,000 |
Land & Building |
35,000 |
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Bills Payable |
10,000 |
Plant |
45,000 |
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Ashish Capital |
80,000 |
Debtors |
22,000 |
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Dutta’s Capital |
35,000 |
Less : Provision |
2,000 |
20,000 |
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Stock |
35,000 |
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Cash |
5,000 |
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1,40,000 |
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1,40,000 |
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It was agreed that:
i) The value of Land and Buildingbeincreased by Rs 15,000.
ii) The value of plantbeincreased by 10,000.
iii) Goodwill of the firm be valued at Rs 20,000.
iv) Vimal to bring in capital to the extent of 1/5th of the total capital of the new firm.
Record the necessary journal entries and prepare the Balance Sheet of the firm after Vimal’s admission.
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 in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner and fixed the new profit-sharing ratio as 3 : 2 : 1. At the time of admission of Z, Debtors and Provision for Doubtful Debts appeared at ₹ 50,000 and ₹ 5,000 respectively all debtors are good. Pass the necessary Journal entries.
Disha and Divya are partners in a firm sharing profits in the ratio of 3 : 2 respectively. The fixed capital of Disha is ₹ 4,80,000 and of Divya is ₹ 3,00,000. On 1st April, 2019 they admitted Hina as a new partner for 1/5th share in future profits. Hina brought ₹ 3,00,000 as her capital. Calculate value of goodwill of the firm and record necessary Journal entries on Hina's admission.
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admit Z as a partner for 1/4th share in the profits. Z contributed following assets towards his capital and for his share of goodwill:
Stock ₹ 60,000; Debtors ₹ 80,000; Land ₹ 1,00,000, Plant and Machinery ₹ 40,000.
On the date of admission of Z, the goodwill of the firm was valued at ₹ 6,00,000.
Pass necessary Journal entries in the books of the firm on Z's admission.
Out of the following, which is the main right of a partner?
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 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 2 : 1. They admit C as a new partner for `1/5` share. New Ratio of A and B will be 1 : 2. Sacrificing ratio will be:
The firm number of partners increase:
On the admission of a new partner:
Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ______ whereas in case of admission of a partner it is shared by ______.
Kalki and Kumud were partners sharing profits and losses in the ratio of 5:3. On 1st April,2021 they admitted Kaushtubh as a new partner and new ratio was decided as 3:2:1.
Goodwill of the firm was valued as ₹3,60,000. Kaushtubh couldn’t bring any amount for goodwill. Amount of goodwill share to be credited to Kalki and Kumud Account’s will be:
Complete the following sentence.
______ of a partner is a mode of reconstituting the firm.
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:
Pick the odd one out:
