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प्रश्न
X and Y are partners in a firm sharing profits in the ratio of 3: 2. They admitted Z as a partner for 1/4th share. At the time of admission of Z, Stock (Book Value ₹ 1,00,000) is to be reduced by 40% and Furniture (Book Value ₹ 60,000) is to be reduced to 40%. Pass the necessary Journal entries.
उत्तर
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Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
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Revaluation A/c |
Dr. |
|
76,000 |
|
|
|
To Stock A/c |
|
|
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40,000 |
|
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To Furniture A/c |
|
|
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36,000 |
|
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(Value of assets decreased) |
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|
|
|
|
|
|
|
|
|
|
|
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X’s Capital A/c |
Dr. |
|
45,600 |
|
|
|
Y’s Capital A/c |
Dr. |
|
30,400 |
|
|
|
To Revaluation A/c |
|
|
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76,000 |
|
|
(Loss on Revaluation transferred to Partners’ Capital A/c) |
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APPEARS IN
संबंधित प्रश्न
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?
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.
Mohan Lal and Sohan Lal were partners in a firm sharing profits and losses in 3:2 ratio. They admitted Ram Lal for 1/4 share on 1.1.2013. It was agreed that goodwill of the firm will be valued at 3 years purchase of the average profits of last 4 years which were Rs. 50,000 for 2013, Rs. 60,000 for 2014, Rs. 90,000 for 2015 and Rs. 70,000 for 2016. Ram Lal did not bring his share of goodwill premium in cash. Record the necessary journal entries in the books of the firm on Ram Lal’s admission when:
a) Goodwill already appears in the books at Rs. 2,02,500.
b) Goodwill appears in the books at Rs. 2,500.
c) Goodwill appears in the books at Rs. 2,05,000.
Pinky, Qumar and Roopa partners in a firm sharing profits and losses in the ratio of 3:2:1. S is admitted as a new partner for 1/4 share in the profits of the firm, whichs he gets 1/8 from Pinky, and 1/16 each from Qmar and Roopa. The total capital of the new firm after Seema’s admission will be Rs 2,40,000. Seema is required to bring in cash equal to 1/4 of the total capital of the new firm. The capitals of the old partners also have to be adjusted in proportion of their profit sharing ratio. The capitals of Pinky, Qumar and Roopa after all adjustments in respect of goodwill and revaluation of assets and liabilities have been made are Pinky Rs 80,000, Qumar Rs 30,000 and Roopa Rs 20,000. Calculate the capitals of all the partners and record the necessary journal entries for doing adjustments in respect of capitals according to the agreement between the partners?
The following was the Balance Sheet of Arun, Bablu and Chetan sharing profits and losses in the ratio of `6/14 : 5/14 : 3/14` respectively.
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Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
Creditors |
|
9,000 |
Land and Buildings |
24,000 |
|
|
Bills Payable |
|
3,000 |
Furniture |
3,500 |
|
|
Capital Accounts |
|
|
Stock |
14,000 |
|
|
|
Arun |
19,000 |
|
Debtors |
12,600 |
|
|
Bablu |
16,000 |
|
Cash |
900 |
|
|
Chetan |
8,000 |
43,000 |
|
|
|
|
|
55,000 |
|
55,000 |
|
They agreed to take Deepak into partnership and give him a share of 1/8 on the following terms:
(a) that Deepak should bring in Rs 4,200 as goodwill and Rs 7,000 as his Capital;
(b) that furniture be depreciated by 12%;
(c) that stock be depreciated by 10% ;
(d) that a Reserve of 5% be created for doubtful debts;
(e) that the value of land and buildings having appreciated be brought upto Rs 31,000;
(f) that after making the adjustments the capital accounts of the old partners (who continue to share in the same proportion as before) be adjusted on the basis of the proportion of Deepak’s Capital to his share in the business, i.e., actual cash to be paid off to, or brought in by the old partners as the case may be.
Prepare Cash Account, Profit and Loss Adjustment Account (Revaluation Account) and the Opening Balance Sheet of the new firm.
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.
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner and fixed the new profit-sharing ratio as 3 : 2 : 1. At the time of admission of Z, Debtors and Provision for Doubtful Debts appeared at ₹ 50,000 and ₹ 5,000 respectively all debtors are good. Pass the necessary Journal entries.
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.
E and F were partners in a firm sharing profits in the ratio of 3 : 1. They admitted G as a new partner on 1st April, 2019 for 1/3rd share. It was decided that E, F and G will share future profits equally. G brought ₹ 50,000 in cash and machinery valued at ₹ 70,000 as premium for goodwill.
Pass necessary Journal entries in the books of the firm.
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admit Z as a partner for 1/4th share in the profits. Z contributed following assets towards his capital and for his share of goodwill:
Stock ₹ 60,000; Debtors ₹ 80,000; Land ₹ 1,00,000, Plant and Machinery ₹ 40,000.
On the date of admission of Z, the goodwill of the firm was valued at ₹ 6,00,000.
Pass necessary Journal entries in the books of the firm on Z'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 a firm sharing profits in the ratio of 5 : 3. They admit C as a new partner for `1/5` share. New Ratio will be 3 : 1 : 1. Sacrificing ratio will be:
A and B are partners in firm sharing profits in the ratio of 4 : 3. They admit C as a new partner. New Ratio will be 2 : 3 : 1. Sacrificing ratio will be:
A and B are partners in firm sharing profits in the ratio of 3 : 2. They admit C as a new partner for `1/4` share. New Ratio of A and B will be 2 : 1. Sacrificing ratio will be:
If a new partner is admitted during the year the profits for the year should be divided between __________ period on an agreed basis.
X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with `1/4` share in profits which he acquires equally from X and Y. The new ratio will be:
According to which section of the Indian Partnership Act, 1932, a person be admitted as a new partner?
