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प्रश्न
Revaluation A/c is also known as ______ account.
उत्तर
Revaluation A/c is also known as Profit and Loss Adjustment account.
संबंधित प्रश्न
Why is 'Realisation Account' prepared?
Why is there need for the revaluation of assets and liabilities on the admission of a partner?
At what figures the value of assets and liabilities appear in the books of the firm after revaluation has been done? Show with the help of an imaginary balance sheet.
At the time of admission of a partner C, assets and liabilities of A and B were revalued as follows:
(a) A Provision for Doubtful Debts @10% was made on Sundry Debtors (Sundry Debtors ₹ 50,000).
(b) Creditors were written back by ₹ 5,000.
(c) Building was appreciated by 20% (Book Value of Building ₹ 2,00,000).
(d) Unrecorded Investments were valued at ₹ 15,000.
(e) A Provision of ₹ 2,000 was made for an Outstanding Bill for repairs.
(f) Unrecorded Liability towards suppliers was ₹ 3,000.
Pass necessary Journal entries.
Write the Word/Term/Phrase which can substitute of the following statement:
Credit balance of Profit and Loss Adjustment Account.
Profit or Loss on revaluation of assets and reassessment of liabilities is transferred to Partners' Capital Accounts in their:
In case of admission of a partner, the entry for unrecorded investments will be:
Unrecorded liabilities will be ____________ in Revaluation Account.
At the time of admission of a new partner, general reserve appearing in the old Balance Sheet is transferred to:
State the ‘true’ statement:
Assets and Liabilities are shown at their revalued values in:
Arun and Vijay are partners in a firm sharing profits and losses in the ratio of 5:1.
| Balance Sheet (Extract) | |||
| Liabilities | ₹ | Assets | ₹ |
| Machinery | 40,000 | ||
If the value of machinery reflected in the balance sheet is overvalued by `33 1/3%,` find out the value of Machinery to be shown in the new Balance Sheet.
Revaluation account is also called ______ account.
What would be the journal entry for revaluation of an unrecorded liability?
Arun and Vijay are partners in firm sharing profits and losses in the ratio of 5 : 1.
| Balance Sheet (Extract) | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Machinery | 40,000 | ||
If the value of machinery in the balance sheet is undervalued by 20%, then at what value will machinery be shown in a new balance sheet?
Following is the Balance Sheet of the firm of Nana, Nani and Sona who share Profits and Losses in the ratio of their Capital.
| Balance Sheet as on 31st March, 2019 |
||||
| Liabilities | Amount (₹) | Assets | Amount (₹) | |
| Capital A/c: | Machinery | 20,000 | ||
| Nana | 50,000 | Building | 55,000 | |
| Nani | 20,000 | Stock | 12,000 | |
| Sona | 30,000 | Debtors | 12,000 | 11,000 |
| Creditors | 10,000 | Less: RDD | 1,000 | |
| Bills Payable | 5,000 | Cash | 17,000 | |
| 1,15,000 | 1,15,000 | |||
Sona retires from the business on 1st April 2019 and the following Adjustment were agreed.
- Stock is to be valued at 92% of its Book Value.
- RDD is to be maintained at 10% on debtors.
- The value of Building is to be appreciated by 20%.
- The Goodwill of the firm be fixed at ₹ 12000. Sona’s share in the same be adjusted in the accounts of continuing partners in gaining Ratio.
- The entire Capital of the new firm be fixed at ₹ 1,60,000 between Nana and Nani in their New Profit sharing ratio which is fixed at 3:1 making adjustment in Cash.
- Amount payable to Sona paid in cash.
Prepare: Revaluation Account, Partnership Capital Account and Balance Sheet of the reconstituted firm.
On the reconstitution of a firm the value of furniture increased from ₹ 7,00,000 to ₹ 8,00,000 and stock reduced to ₹ 4,00,000 from ₹ 4,20,000. Gain or loss on revaluation will be ______.
On reconstitution of a firm, the value of machinery was depreciated by ₹1,00,000 and investments increased to ₹70,000 from ₹20,000. Gain or loss on revaluation will be ______.
X, Y and Z are partners sharing profits and losses in the ratio of 2: 3: 1. They decided to share future profits in the ratio of 3:2: 1 with effect from 1st April, 2022. At the time of change of profit sharing ratio, unrecorded furniture will be recorded in the books of Accounts by ______.
Atul and Geeta were partners sharing profits in the ratio 3 : 2. Ira was admitted into the firm for `1/4"th"` share of profits. Ira brought ₹ 40,000 as her capital. The capitals of Atul and Geeta after all adjustments relating to goodwill, revaluation of assets and liabilities etc. are ₹ 60,000 and ₹ 40,000 respectively. It is agreed that capitals should be according to the new profit sharing ratio.
Calculate the amount of actual cash to be paid off or brought in by the old partners. Pass the necessary journal entry/entries for the same.
Rajinder and Vijay were partners in a firm sharing profits in the ratio 3:2. On 31st March 2023 their balance sheet was as follows:
| Liabilities | Amount (₹) | Assets | Amount (₹) | ||
| Capital A/cs: | Fixed Assets (Tangible) |
3,60,000 | |||
| Rajinder | 3,00,000 | 4,50,000 | Goodwill | 50,000 | |
| Vijay | 1,50,000 | Investments | 40,000 | ||
| Current A/cs: | Stock | 74,000 | |||
| Rajinder | 50,000 | 60,000 | Debtors | 1,00,000 | 96,000 |
| Vijay | 10,000 | Less: Provision for Doubtful Debts |
4,000 | ||
| Creditors | 75,000 | Bank | 25,000 | ||
| General Reserve | |||||
| 6,45,000 | 6,45,000 |
With an aim to expand business it is decided to admit Ranvijay as a partner on 1st April 2023 on the following terms:
- Provision for doubtful debts is to be increased to 6% of debtors.
- An outstanding bill for repairs ₹ 50,000 to be accounted in the books.
- An unaccounted interest accrued of ₹ 7500 be provided for.
- Investment were sold at book value.
- Half of stock was taken by Rajinder at ₹ 42,000 and remaining stock was also to be revalued at the same rate.
- New profit-sharing ratio of partners will be 5:3:2.
- Ranvijay will bring ₹ 1,00,000 as capital and his share of goodwill which was valued at twice the average profit of the last three years ended 31st March 2023, 2022 and 2021 were ₹ 1,50,000, ₹ 1,30,000 and ₹ 1,70,000 respectively.
Pass necessary journal entries.
If an asset is depreciated, Revaluation Account is ______.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
