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प्रश्न
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?
पर्याय
Bad Debts A/c ...Dr. 15,000 - To Sundry Debtors - 15,000 Provision for Doubtful Debts A/c ...Dr. 15,000 - To Bad Debts A/c - 15,000 Bad Debts A/c ...Dr. 15,000 - To Sundry Debtors - 15,000 Revaluation A/c ...Dr. 15,000 - To Provision for Doubtful Debts A/c - 15,000 Revaluation A/c ...Dr. 15,000 - To Sundry Debtors A/c - 15,000 Bad Debt A/c ...Dr. 15,000 - To Revaluation A/c - 15,000
उत्तर
| Bad Debts A/c ...Dr. | 15,000 | - |
| To Sundry Debtors | - | 15,000 |
| Provision for Doubtful Debts A/c ...Dr. | 15,000 | - |
| To Bad Debts A/c | - | 15,000 |
संबंधित प्रश्न
Identify various matters that need adjustments at the time of admission of a new partner.
A and B are partners in a firm sharing profits and losses in the ratio of 3:2. They decide to admit C into partnership with 1/4 share in profits. C will bring in Rs. 30,000 for capital and the requisite amount of goodwill premium in cash. The goodwill of the firm is valued at Rs, 20,000. The new profit sharing ratio is 2:1:1. A and B withdraw their share of goodwill. Give necessary journal entries?
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.
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?
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.
|
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.
Azad and Babli are partners in a firm sharing profits and losses in the ratio of 2:1. Chintan is admitted into the firm with 1/4 share in profits. Chintan will bring in Rs 30,000 as his capital and the capitals of Azad and Babli are to be adjusted in the profit sharing ratio. The Balance Sheet of Azad and Babli as on March 31, 2016 (before Chintan’s admission) was as follows:
|
Balance Sheet of A and B as on 31.03.2016 |
|||||
|
Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
Creditors |
|
8,000 |
Cash in hand |
2,000 |
|
|
Bills payable |
|
4,000 |
Cash at bank |
10,000 |
|
|
General reserve |
|
6,000 |
Sundry debtors |
8,000 |
|
|
Capital accounts: |
|
|
Stock |
10,000 |
|
|
|
Azad |
50,000 |
|
Funiture |
5,000 |
|
|
Babli |
32,000 |
82,000 |
Machinery |
25,000 |
|
|
|
|
Buildings |
40,000 |
|
|
|
|
1,00,000 |
|
1,00,000 |
|
It was agreed that
i) Chintan will bring in Rs 12,000 as his share of goodwill premium.
ii) Buildings were valued at Rs 45,000 and Machinery at Rs 23,000.
iii) A provision for doubtful debts is to be created @ 6% on debtors.
iv) The capital accounts of Azad and Babli are to be adjusted by opening current accounts.
Record necessary journal entries, show necessary ledger accounts and prepare the Balance Sheet after admission.
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.
Pass entries in firm's Journal for the following on admission of a partner:
(i) Unrecorded Investments worth ₹ 20,000.
(ii) Unrecorded liability towards suppliers for ₹ 5,000.
(iii) An item of ₹ 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back.
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 in partnership sharing profits and losses as 3 : 2. C is admitted for 1/4th share. Afterwards D enters for 20 paise in the rupee. Compute profit-sharing ratio of A, B, C and D after D'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 of A and B will be 1 : 2. Sacrificing ratio will be:
Sacrificing ratio is ascertained at the time of:
The firm number of partners increase:
If a new partner is admitted during the year the profits for the year should be divided between __________ period on an agreed basis.
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:
Complete the following sentence.
______ of a partner is a mode of reconstituting the firm.
After admission what rights does the partner gets?
