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प्रश्न
A and B are partners sharing profits and losses in the ratio of 3:1. On Ist Apr. 2017 they admitted C as a new partner for 1/4 share in the profits of the firm. C brings Rs 20,000 as for his 1/4 share in the profits of the firm. The capitals of A and B after all adjustments in respect of goodwill, revaluation of assets and liabilities, etc. has been worked out at Rs 50,000 for A and Rs 12,000 for B. It is agreed that partner’s capitals will be according to new profit sharing ratio. Calculate the new capitals of A and B and pass the necessary journal entries assuming that A and B brought in or withdrew the necessary cash as the case may be for making their capitals in proportion to their profit sharing ratio?
उत्तर
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Books of A, B and C Journal |
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Date |
Particulars |
L.F. |
Amount Rs |
Amount Rs |
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2017 |
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Apr. 01 |
A’s Capital A/c |
Dr. |
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5,000 |
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To Cash A/c |
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5,000 |
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(Excess capital withdrawn by A) |
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Cash A/c |
Dr. |
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3,000 |
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To B’s Capital A/c |
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3,000 |
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(Capital brought in by B to make in proportion to the profit sharing) |
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1) Calculation of New Profit sharing Ratio
C's Share = `1/4`
Remaining share = 1 - `1/4` = `3/4`
A's new share = `3/4 xx 3/4 = 9/16`
B's new share = `1/4 xx 3/4 = 3/16`
`{ "C's share" = 1/4 xx 4/4 = 4/16}`
New Profit sharing ratio of A, B and C will be 9:3:4
2) New Capital of A and B.
C bring Rs 20,000 for 1/4th share of profit in the new firm.
Thus, total capital of firm on the basis of C’s share
= 20,000 x `4/1` = 80,000
A's Capital = `9/16` x 80,000 = 45,000
Thus, A will withdraw = 50,000 - 45,000 = 5,000
B's Capital = `3/16` x 80,000 = 15,000
Thus, B’s will bring 15,000 − 12,000 = 3,000
APPEARS IN
संबंधित प्रश्न
Identify various matters that need adjustments at the time of admission of a new partner.
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?
Aditya and Balan are partners sharing profits and losses in 3:2 ratio. They admitted Christopher for 1/4 share in the profits. The new profit sharing ratio agreed was 2:1:1. Christopher brought Rs. 50,000 for his capital. His share of goodwill was agreed to at Rs. 15,000. Christopher could bring only Rs. 10,000 out of his share of goodwill. Record necessary journal entries in the books of the firm?
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 |
|
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.
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) |
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Creditors |
|
9,000 |
Land and Buildings |
24,000 |
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Bills Payable |
|
3,000 |
Furniture |
3,500 |
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Capital Accounts |
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Stock |
14,000 |
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Arun |
19,000 |
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Debtors |
12,600 |
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Bablu |
16,000 |
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Cash |
900 |
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Chetan |
8,000 |
43,000 |
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55,000 |
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55,000 |
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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.
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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 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.
Disha and Divya are partners in a firm sharing profits in the ratio of 3 : 2 respectively. The fixed capital of Disha is ₹ 4,80,000 and of Divya is ₹ 3,00,000. On 1st April, 2019 they admitted Hina as a new partner for 1/5th share in future profits. Hina brought ₹ 3,00,000 as her capital. Calculate value of goodwill of the firm and record necessary Journal entries on Hina's admission.
According to Section 30 of Partnership Act 1932:
(A) A Minor can be admitted as a partner by the consent of all partners for the time being.
(B) A new partner will bring capital and goodwill in cash.
(C) A new partner is allowed to share old profits.
(D) A new partner will inspect the books of accounts.
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:
The firm number of partners increase:
At the time of admission of a partner, a new ratio will be calculated by:
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:
Kalki and Kumud were partners sharing profits and losses in the ratio of 5:3. On 1st April,2021 they admitted Kaushtubh as a new partner and new ratio was decided as 3:2:1.
Goodwill of the firm was valued as ₹3,60,000. Kaushtubh couldn’t bring any amount for goodwill. Amount of goodwill share to be credited to Kalki and Kumud Account’s will be:
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?
Complete the following sentence.
______ of a partner is a mode of reconstituting the firm.
According to which section of the Indian Partnership Act, 1932, a person be admitted as a new partner?
General Reserve at the time of admission of the partner is transferred to ______
