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प्रश्न
What are the journal entries to be passed on revaluation of assets and liabilities?
उत्तर
| Date | Particulars | L.F. | Debit | Credit |
| 1) For the increase in the value of assets Concerned Assets A/c ...........Dr. To Revaluation A/c |
xxx - |
- xxx |
||
| 2) For decrease in the value of asset Revaluation A/c ..........Dr. To Concerned asset A/c |
xxx - |
- xxx |
||
| 3) For increase with the amount of liabilities Revaluation A/c ............Dr. To Concerned liability |
xxx - |
- xxx |
||
| 4) For decrease in the amount of liabilities Concerned liability A/c ................Dr. To Revaluation A/c |
xxx - |
- xxx |
||
| 5) For recording an in recorded asset Concerned asset A/c ........Dr. To Revaluation A/c |
xxx - |
- xxx |
||
| 6) For recording an in recorded liability Revaluation A/c ...........Dr. To Concerned liability |
xxx - |
- xxx |
||
| 7) For transfering the balance in the revaluation | ||||
|
(a) If there is profit on revaluation. |
xxx - |
- xxx |
||
| (b) If there is loss in revaluation old partners. Capital A/c .........Dr. To Revaluation A/c (individually in old ratio) |
xxx - |
- xxx |
APPEARS IN
संबंधित प्रश्न
Mrs Shehal and Mrs Meenal are equal partners in a business. Their balance sheet is as follows.
| Balance Sheet as on 31st March 2013 | |||
| Liabilities | Amount Rs. | Assets | Amount Rs. |
|
Capital A/c's Snehal 80,000 Meenal 45,000 Creditors General reserve
|
1,25,000 46,000 20,000
|
Premises Investments Equipments Bills Receivable Debtors 1,10,000 ( - ) R.D.D. 11,000 Bank Balance |
20,500 10,500 5,000 18,000
99,000 38,000 |
| 1,91,000 | 1,91,000 | ||
They agreed to admit Mr Komal on 1st April 2013 on the following terms:
(1) Komal should bring Rs. 50,000 towards her capital for one fourth (1/4th) Share in future profit.
(2) Goodwill to be raised in the books of the firm for Rs. 40,000.
(3) R.D.D. to be maintained at 5% on debtors.
(4) Premises to be valued at Rs. 30,000 and equipment to be written off fully.
(5) Creditors allowed a discount of Rs. 1,000 and they were paid off immediately.
Prepare Profit and Loss Adjustment Account, Partner's Capital Accounts and Balance Sheet of the new firm.
Write the word/term or phrase which can substitute the following statement.
Credit balance on revaluation account.
Write the word/term or phrase which can substitute the following statement.
Account which is opened to record the gains and losses on revaluation.
State 'True' or 'False'
Profit on revaluation account is distributed between the old partners on admission of a partner.
Write a word/phrase/term which can substitute the following statement.
An account that is debited when the partner takes over the asset.
Anika and Radhika are partners sharing profits in the ratio of 5:1. They decide to admit Sanika in the firm for `1/5`th share. calculate the sacrifice ratio of Anika and Radhika
Mr. Kishor & Mr. Lal were in partnership sharing profits & losses in the proportion of 3/4 and 1/4 respectively.
| Balance Sheet as on 31 March 2018 | |||||
| Liabilities | Amt (₹) |
Amt (₹) |
Assets | Amt (₹) |
Amt (₹) |
| Creditors | 1,20,000 | Land and Building | 75,000 | ||
| General Reserve | 12,000 | Furniture | 6,000 | ||
| Capital A/c: | Stock | 60,000 | |||
| Kishor | 90,000 | Debtors | 60,000 | ||
| Lal | 48,000 | 1,38,000 | Bills Receivable | 39,000 | |
| Cash at Bank | 30,000 | ||||
| 2,70,000 | 2,70,000 | ||||
They decided to admit Ram on 1 April 2018 on following terms:
1. He should be given 1/5th share in profit and for that he brought in ₹ 60,000 as capital through RTGS.
2. Goodwill should be raised at ₹ 60,000
3. Appreciate Land and Building by 20%
4. Furniture and Stock are to be depreciated by 10%
5. The Capitals of all partners should be adjusted in their new profit sharing ratio through Bank A/c.
Pass necessary Journal Entries in the books of the Partnership firm and a Balance sheet of the new firm.
Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7 : 5. Their balance sheet as on 31st March, 2019, is as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Land | 80,000 | ||
| Amal | 70,000 | Furniture | 20,000 | |
| Vimal | 50,000 | 1,20,000 | Stock | 25,000 |
| Sundry creditors | 30,000 | Debtors | 30,000 | |
| Profit and loss A/c | 24,000 | Debtors | 19,000 | |
| 1,74,000 | 1,74,000 |
Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of ₹ 30,000 for 1/3 share in the future profit subject to the following adjustments.
- Stock to be depreciated by ₹ 5,000
- Provision for doubtful debts to be created for ₹ 3,000
- Land to be appreciated by ₹ 20,000
Prepare revaluation account and capital account of partners after admission.
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.
