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प्रश्न
Deepa and Pia are in partnership sharing profits and losses in the ratio of 3:2. They admit Charu as a partner for 1/5 share in the profits. The capitals of Deepa and Pia, before adjusting the loss of ₹ 5,000 on revaluation of assets and liabilities, are ₹ 30,000 and ₹ 20,000 respectively. It is decided that Charu will contribute 25% of the combined capitals of Deepa and Pia. What is Charu's capital contribution?
उत्तर
Capital of Deepa = ₹ 30,000
Capital of Pia = ₹ 20,000
Loss on Revaluation = ₹ 5,000
Total capital of Deepa and Pia = ₹ (30,000 + 20,000)
= ₹ 50,000
Total adjusted capital of Deepa and Pia = 50,000 − 5,000
= ₹ 45,000
Capital contributed by Charu = `45,000xx25/100`
= ₹ 11,250
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संबंधित प्रश्न
Naresh, Dhruv and Azeem are partners sharing profits in the ratio of 5:3:7.
Naresh retires from the firm. Dhruv and Azeem decided to share profits in the ratio of 2:3.
The adjusted capital accounts of Dhruv and Azeem at the time of Naresh’s retirement showed the balances of ₹ 33,000 and ₹ 70,500 respectively.
The total amount to be paid to Naresh is ₹ 90,500 which is paid in cash immediately by the firm, the cash being contributed by Dhruv and Azeem in such a way that their capitals become proportionate to their new profit-sharing ratio and the firm maintains a minimum cash balance of ₹ 5,000 from its existing balance of ₹ 20,000.
You are required to pass journal entries to record:
- Payment made to the retiring partner
- Cash brought in by the remaining partners to pay off the retiring partner
Nikhil, Akhil and Amber are partners in a firm. At the time of Akhil's retirement, Amber takes over furniture of ₹ 12,000 at ₹ 10,000.
Choose the correct journal entry from the following options to record this adjustment.
Pia, Sia and Jiya are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Pia died on 31st October, 2021. Her capital as on 1st April, 2021, was ₹ 24,000 and her share of profit for the year 2021-22 till the date of her death, was ascertained as ₹ 2,000.
Additional Information:
- Office Equipment of the firm, the book value of which was ₹10,000 on 1st April, 2021, was revalued on the date of Pia's death at ₹13,600.
- The amount of ₹ 35,000 due to Pia's executor in full settlement of the claim was transferred to her executor's loan account.
You are required to prepare Pia's capital account to be rendered to her executor.
Vinay, Tarun and Arjun are partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2 respectively. On Tarun's retirement from the firm on 1st April, 2022. his capital account, after all adjustments, stood at ₹ 1,14,000. The partners decided that:
- Tarun to be paid 50% of the amount due to him immediately and the balance by accepting a Bill of Exchange (without interest) payable at the expiry of 3 months.
- The continuing partners to re-adjust their capitals in their new profit-sharing ratio in the reconstituted firm. Any surplus/deficit in their capital accounts to the adjusted through their current accounts.
Upon re-adjustment of their capitals, Vinay's capital showed a deficit of ₹ 1,000 while Arjun's capital had a surplus of ₹ 1,000.
You are required to pass journal entries to record:
- The closing of the retiring partner's capital account.
- Adjustment of surplus/deficit in the capital accounts of the continuing partners.
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- An unrecorded investment valued at ₹ 60,000 which was given to an unrecorded creditor of ₹ 1,16,000 in settlement of his claim of ₹ 70,000.
- An unrecorded vehicle which was given to Rita at the market value of ₹ 46,000 in part settlement of her claim.
The balance of Rita’s claim was discharged by cheque.
You are required to pass journal entries to record the above transactions in the books of the firm on 31st March, 2024.
