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प्रश्न
Arti and Bharti are partners in a firm sharing profits in 3:2 ratio, They admitted Sarthi for 1/4 share in the profits of the firm. Sarthi brings Rs. 50,000 for his capital and Rs. 10,000 for his 1/4 share of goodwill. Goodwill already appears in the books of Arti and Bharti at Rs. 5,000. the new profit sharing ratio between Arti, Bharti and Sarthi will be 2:1:1. Record the necessary journal entries in the books of the new firm?
उत्तर
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Journal Entries |
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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Arti's Capital A/c |
Dr. |
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3,000 |
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Bharti's Capital A/c |
Dr. |
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2,000 |
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To Goodwill A/c |
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5,000 |
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(Goodwill written off) |
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Cash A/c |
Dr. |
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60,000 |
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To Sarthi's Capital A/c |
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50,000 |
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To Premium for Goodwill A/c |
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10,000 |
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(Amount of capital and share of goodwill brought by Sarthi) |
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Premium for Goodwill A/c |
Dr. |
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10,000 |
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To Arti's Capital A/c |
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4,000 |
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To Bharti’s Capital A/c |
6,000 |
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(Premium for Goodwill credited Arti's Capital Account) |
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Old Ratio = Arti : Bharti
= 3 : 2
Sarthi admitted for ` 1/4` share in new firm.
New Ratio = Arti : Bharti : Sarthi
= 2 : 1 : 1
Sacrificing Ratio = Old Ratio − New Ratio
Arti = `3/5 - 2/4 = 2/20`
Bharti = `2/5 - 1/4 = 3/20`
Arti will receive = 10,000 x `2/5` = 4,000
Bharti will receive = 10,000 x `3/5` = 6,000.
APPEARS IN
संबंधित प्रश्न
Identify various matters that need adjustments at the time of admission of a new partner.
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?
Amar and Samar were partners in a firm sharing profits and losses in 3:1 ratio. They admitted Kanwar for 1/4 share of profits. Kanwar could not bring his share of goodwill premium in cash. The Goodwill of the firm was valued at Rs. 80,000 on Kanwar’s admission. Record necessary journal entry for goodwill on Kanwar’s admission.
Given below is the Balance Sheet of A and B, who are carrying on partnership business on 31.12.2016. A and B share profits and losses in the ratio of 2:1.
Balance Sheet of A and B as on December 31, 2016
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Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
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Bills Payable |
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10,000 |
Cash in Hand |
10,000 |
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Creditors |
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58,000 |
Cash at Bank |
40,000 |
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Outstanding |
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2,000 |
Sundry Debtors |
60,000 |
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Expenses |
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- |
Stock |
40,000 |
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Capitals: |
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Plant |
1,00,000 |
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A |
1,80,000 |
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Buildings |
1,50,000 |
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B |
1,50,000 |
3,30,000 |
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4,00,000 |
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4,00,000 |
C is admitted as a partner on the date of the balance sheet on the following terms:
(i) C will bring in Rs 1,00,000 as his capital and Rs 60,000 as his share of goodwill for 1/4 share in the profits.
(ii) Plant is to be appreciated to Rs 1,20,000 and the value of buildings is to be appreciated by 10%.
(iii) Stock is found over valued by Rs 4,000.
(iv) A provision for bad and doubtful debts is to be created at 5% of debtors.
(v) Creditors were unrecorded to the extent of Rs 1,000.
Pass the necessary journal entries, prepare the revaluation account and partners’ capital accounts, and show the Balance Sheet after the admission of C.
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.
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.
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.
Anshul and Parul are partners sharing profits in the ratio of 3 : 2. They admit Payal as partner for 1/4th share in profits on 1st April, 2019. Payal brings ₹ 5,00,000 as capital and her share of goodwill by cheque. It was agreed to value goodwill at three years' purchase of average profit of last four years.
| Profits for the last four years ended 31st March, were | ₹ |
| 2015-16 | 4,00,000 |
| 2016-17 | 5,00,000 |
| 2017-18 | 6,00,000 |
| 2018-19 | 7,00,000 |
Additional Information:
1. Closing Stock for the year ended 31st March, 2018 was overvalued by ₹ 50,000.
2. ₹ 1,00,000 should be charged annually to cover management cost.
Pass necessary Journal entries on Payal's admission.
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 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:
At the time of admission of a partner, a new ratio will be calculated by:
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?
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?
After admission what rights does the partner gets?
Pick the odd one out:
Pick the odd one out:
