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प्रश्न
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.
उत्तर
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
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X’s Capital A/c |
Dr. |
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24,000 |
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Y’s Capital A/c |
Dr. |
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16,000 |
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To Investments A/c |
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40,000 |
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(Half of the investments taken over by X and Y) |
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Investment A/c |
Dr. |
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10,000 |
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To Revaluation A/c |
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10,000 |
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(Value of investments increased) |
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Revaluation A/c |
Dr. |
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10,000 |
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To X’s Capital A/c |
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6,000 |
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To Y’s Capital A/c |
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4,000 |
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(Profit on revaluation transferred to Partners’ Capital A/c) |
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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?
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?
Leela and Meeta were partners in a firm sharing profits and losses in the ratio of 5:3. In April 2017 they admitted Om as a new partner. On the date of Om’s admission the balance sheet of Leela and Meeta showed a balance of Rs 16,000 in general reserve and Rs 24,000 (Cr) in Profit and Loss Account. Record necessary journal entries for the treatment of these items on Om’s admission. The new profit sharing ratio between Leela, Meeta and Om was 5:3:2.
A and B are partners sharing profits and losses in the ratio of 3:1. On Ist Apr. 2017 they admitted C as a new partner for 1/4 share in the profits of the firm. C brings Rs 20,000 as for his 1/4 share in the profits of the firm. The capitals of A and B after all adjustments in respect of goodwill, revaluation of assets and liabilities, etc. has been worked out at Rs 50,000 for A and Rs 12,000 for B. It is agreed that partner’s capitals will be according to new profit sharing ratio. Calculate the new capitals of A and B and pass the necessary journal entries assuming that A and B brought in or withdrew the necessary cash as the case may be for making their capitals in proportion to their profit sharing ratio?
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.
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.
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.
Why a new partner is admitted to the firm?
According to Section 30 of Partnership Act 1932:
(A) A Minor can be admitted as a partner by the consent of all partners for the time being.
(B) A new partner will bring capital and goodwill in cash.
(C) A new partner is allowed to share old profits.
(D) A new partner will inspect the books of accounts.
The firm number of partners increase:
If a new partner is admitted during the year the profits for the year should be divided between __________ period on an agreed basis.
Which of the following account is prepared at the time of admission of a new partner?
New partner can be admitted in the firm with the consent of ____________ old partners.
Asha and Nisha are partners sharing profits in the ratio of 2:1. Kashish was admitted for `1/4` share of which `1/8` was gifted by Asha. The remaining was contributed by Nisha.
Goodwill of the firm is valued at ₹ 40,000. How much amount for goodwill will be credited to Nisha’s Capital account?
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?
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:
The balance amount of Workmen Compensation Reserve, after meeting actual liability, at the time of admission of a new partner, will be transferred to:
