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प्रश्न
Sundar and Suresh are partners sharing profits in the ratio of 3 : 2. Their balance sheet as on 1st January, 2017 was as follows:
Liabilities | ₹ | ₹ | Assets | ₹ |
Capital accounts: | Buildings | 40,000 | ||
Sundar | 30,000 | Furniture | 13,000 | |
Suresh | 20,000 | 50,000 | Stock | 25,000 |
Creditors | 50,000 | Debtors | 15,000 | |
General reserve | 10,000 | Bills receivable | 14,000 | |
Workmen compensation fund | 15,000 | Bank | 18,000 | |
1,25,000 | 1,25,000 |
They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:
- Sugumar has to bring in ₹ 30,000 as capital. His share of goodwill is valued at ₹ 5,000. He could not bring cash towards goodwill.
- That the stock be valued at ₹ 20,000.
- That the furniture be depreciated by ₹ 2,000.
- That the value of building be depreciated by 20%.
Prepare necessary ledger accounts and the balance sheet after admission.
उत्तर
Dr. | Revaluation Account | Cr. | ||
Particulars | ₹ | Particulars | ₹ | |
To Building | 8,000 | Loss transferred to | ||
To Furniture | 2,000 | Sundar capital | 9,000 | |
To Stock | 5,000 | Suresh capital | 6,000 | 15,000 |
15,000 | 15,000 |
Dr. | Capital Account | Cr. | |||||
Particulars | Sundar | Suresh | Sugumar | Particulars | Sundar | Suresh | Sugumar |
To Revaluation Loss |
9,000 | 6,000 | - | By Balance b/d | 30,000 | 20,000 | - |
By General Reserve | 6,000 | 4,000 | - | ||||
To Balance c/d | 39,000 | 26,000 | 25,000 | By Workers compensation fund | 9,000 | 6,000 | - |
By Bank | - | - | 25,000 | ||||
By Goodwill | 3,000 | 2,000 | - | ||||
48,000 | 32,000 | 25,000 | 48,000 | 32,000 | 25,000 |
Balance Sheet as on 31.12.17
Liabilities | ₹ | ₹ | Assets | ₹ | ₹ |
Creditors | 50,000 | Buildings | 40,000 | ||
Capital Account | (−) Revalued | 8,000 | 32,000 | ||
Sundar Cap | 39,000 | Furniture | 13,000 | ||
Suresh Cap | 26,000 | (−) Revalued | 2,000 | 11,000 | |
Sugumar Cap | 25000 | 90,000 | Stock | 25,000 | |
(−) Revalued | 5,000 | 20,000 | |||
Debtors | 15,000 | ||||
Bills Receivable | 14,000 | ||||
Bank | 18,000 | ||||
(+) Sugumar Cap | 25000 | 43,000 | |||
Goodwill | 5,000 | ||||
1,40,000 | 1,40,000 |
APPEARS IN
संबंधित प्रश्न
Shanti, Samadhan and Sangarsh were sharing profits and losses in the ratio of 7: 5: 4. Their balance sheet as on 31st .03.2013 was as follows:
Liabilities
|
Amount
|
Assets
|
Amount
|
Capitals:
|
Furniture
|
17000
|
|
Shanti
|
23000
|
Machinery
|
18000
|
Samadhan
|
15000
|
Building
|
16000
|
Sangharsh
|
12000
|
Cash
|
37000
|
Bills Payable
|
4000
|
||
Creditors
|
8000
|
||
Loan
|
10000
|
||
General Reserve
|
16000
|
||
88000
|
88000
|
_____________ =`"Total profit"/"Number of years"`
The stock showed in Balance Sheet → Stock undervalued by 20% → Cost of Stock
₹1,60,000 → __________→ __________
Amalendu and Sameer share profits and losses in the ratio 3:2 respectively Their balance sheet as on 31st March 2017 was as under.
Balance Sheet as on 31st March 2017
Liabilities | Amount (₹) | Assets | Amount (₹) |
Sundry Creditors | 10,000 | Cash at bank | 12,000 |
Amlendu capital | 60,000 | Sundry debtors | 24,000 |
Sameer capital | 40,000 | Land & Building | 50,000 |
General reserve | 20,000 | Stock | 16,000 |
Plant and machinery | 20,000 | ||
Furniture & fixture | 8,000 | ||
1,30,000 | 1,30,000 |
On 1st April 2017, they admit Paresh into partnership. The term being that:
- He shall pay ₹16,000 as his share of Goodwill 50% amount of Goodwill shall be withdrawn by the old partners.
- He shall have to bring in ₹ 20,000 as his Capital for 1/4 share in future profits.
- For the purpose of Paresh’s admission, it was agreed that the assets would be revalued as follows.
A) Land and Building is to be valued at ₹ 60,000
B) Plant and Machinery to be valued at ₹ 16,000
C) Stock valued at ₹ 20,000 and Furniture and Fixtures at ₹ 4,000.
D) A Provision of 5% on Debtors would be made for Doubtful Debts.
Pass the necessary Journal Entries in the Books of a New Firm.
Mr. Amit and Baban share profits and losses in the ratio 2:3 respectively. Their balance sheet as on 31st March 2018 was as under
Balance Sheet as On 31st March 2018 | |||
Liabilities | Amount (₹) | Assets | Amount (₹) |
Creditors | 1,40,000 | Cash | 110,000 |
Capital: | Land and Building | 50,000 | |
Amit | 100,000 | Plant | 60,000 |
Baban | 100,000 | Furniture | 4,000 |
Stock | 100,000 | ||
Debtors | 16,000 | ||
3,40,000 | 3,40,000 |
They agreed decided to admit Kamal on 1st April 2018 on the following terms:
1. Kamal shall have 1/4th share in future profits.
2. They agreed to admit Kamal as a partner on 1st April 2018 on the following terms:
3. She shall bring 50,000 as her capital and 40,000 as her share of goodwill.
4. Land and building to be valued at 60,000 and furniture to be depreciated by 10%
5. Provision for bad and doubtful debts is to be maintained at 5% on the sundry debtors.
6. Stocks to be valued 1,10,000 The capital A/c of all partners to be adjusted in their new profit and loss ratio and excess amount be transferred to their loan accounts.
Prepare profit and loss adjustment A/c, Capital A/cs, and New Balance Sheet.
What would be the journal entry of when excess capital was withdrawn by the partner?
Assertion (A): At the time of admission of a partner if there is any General Reserve, Reserve Fund or the balance of Profit & Loss Account appearing in the balance sheet, it should be transferred to old partners' capital/current accounts in their old profit sharing ratio.
Reason (R): The General reserve, Reserve Fund or the Balance of Profit and Loss Account are the result of the past profits when the new partner was not admitted.
Radhika and Vijay were in Partnership Sharing profits & Losses in proportion of 3:2 respectively. Their Balance Sheet as on 31st March, 2020 stood as follows.
Balance Sheet as on 31st March, 2020 | ||||
Liabilities | Amount (₹) | Assets | Amount (₹) | |
Capital A/cs: | Premises | 2,80,000 | ||
Radhika | 2,00,000 | 3,20,000 | Furniture and Fixture | 22,800 |
Vijay | 1,20,000 | Stock | 54,000 | |
Current A/cs: | Debtors | 18,200 | ||
Radhika | 2,400 | 5,200 | Cash at bank | 2,200 |
Vijay | 2,800 | |||
Loan from Omkar Balu | 40,000 | |||
Creditors | 12,000 | |||
3,77,200 | 3,77,200 |
On 1st April, 2019 Omkar was admitted to the firm on the following terms:
- Premises were to be valued at ₹ 3,40,000 and Furniture and Fixtures at ₹ 20,800. A provision for Bad debts on 2,000 was to be made. Stock should be revalued at ₹ 58,000.
- Omkar Should bring in ₹ 80,000 as Capital and ₹ 20,000 as his share of goodwill and it was retained in the business and he should be given one-fourth share in the future profits.
- The Loan from Omkar Balu was repaid through NEFT.
Prepare Revaluation Account, Partners Current Accounts and Balance sheet of the New firm.
The following is the Balance sheet of partners Aditya and Chaitanya on 31st March, 2019 they share profits and losses in the ratio of 3 : 2:
Balance sheet as on 31st march 2019
Liabilities |
Amount ₹ |
Assets | Amount ₹ |
Creditors | 60,000 | Building | 30,000 |
Capital Accounts: | Furniture | 1,800 | |
Aditya | 42,000 | Machinery | 42,000 |
Chaitanya | 42,000 | Stock | 24,600 |
Current Accounts: | Debtors | 54,000 | |
Aditya | 7,500 | Cash | 6,000 |
Chaitanya | 6,900 | ||
1,58,400 | 1,58,400 |
Adjustments:
They admitted Sachin into partnership on 1st April, 2019 on the following terms:
- Building to be valued at ₹ 36,000, machinery and furniture to be reduced by 10%.
- Sachin should pay ₹ 6,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
- A provision of 5% on debtors to be made for doubtful debts.
- He should bring ₹ 18,000 as capital for 1/4th share in future profit.
- Stock is to be taken at the value of ₹ 30,000.
Prepare:
- Profit and Loss Adjustment Account.
- Partners’ Current Account.
- Balance Sheet of the New Firm.
The following is the Balance Sheet of Vivaan and Vihaan sharing Profits and Losses in the ratio of 3 : 2 as on 31 March, 2023.
Balance Sheet as on 31st March, 2023 | ||||
Liabilities | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
Capital Accounts: | Building | 1,08,000 | ||
Vivaan | 1,20,000 | Plant and Machinery | 90,000 | |
Vihaan | 1,50,000 | Stock | 72,000 | |
Sundry Creditors | 90,000 | Debtors | 63,000 | 60,000 |
Bank Overdraft | 15,000 | Less: R.D .D. | 3,000 | |
Bank | 30,000 | |||
Investments | 15,000 | |||
3,75,000 | 3,75,000 |
On 1-4-2023, Prihaan is admitted on the following terms:
(1) He is to pay ₹ 1,50,000 as his capital and ₹ 60,000 as his share of Goodwill.
(2) The new profit sharing ratio is to be 5 : 3 : 2.
(3) The assets are to be revalued as under:
Building ₹ 1,50,000, Plant and Machinery ₹ 72,000.
(4) R.D.D. to be increased up to ₹ 6,000
(5) The old partners decided to keep half of the amount of goodwill in the business.
(6) Sundry creditors are to be revalued at ₹ 99,000.
Prepare Revaluation Account, Capital Accounts of Partners and Balance Sheet of new [um.