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प्रश्न
On the admission of Adil as a partner, the capitals of Rohan and Pavan, after all adjustments, were ₹ 50,000 and ₹ 40,000. Their capitals before Adil’s admission were ₹ 45,000 and ₹ 48,000.
The capital account of the partner having surplus capital was adjusted through his current account by passing the journal entry:
पर्याय
Debit Rohan’s Capital A/c ₹ 5,000; Credit Rohan’s Current A/c ₹ 5,000
Debit Pavan’s Capital A/c ₹ 8,000; Credit Pavan’s Current A/c ₹ 8,000
Debit Rohan’s Current A/c ₹ 5,000; Credit Rohan’s Capital A/c ₹ 5,000
Debit Pavan’s Current A/c ₹ 8,000; Credit Pavan’s Capital A/c ₹ 8,000
उत्तर
Debit Pavan’s Capital A/c ₹ 8,000; Credit Pavan’s Current A/c ₹ 8,000
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संबंधित प्रश्न
Seems, Tanuja and Tripti were partners in a firm trading in garments. They were sharing profits in the ratio of 5:3:2. Their capitals on 1st April, 2012 were Rs 3,00,000, Rs 4,00,000 and Rs 8,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally. For this Seema withdrew Rs 20,000 from the firm of 15th September 2012. Tanuja instead of withdrawing cash from the firm took garments amounting to Rs 24,000 from the firm and distributed those to the flood victims. On the other hand, Tripti withdrew Rs 2,00,000 from her capital on 1st January 2013 and provided a mobile medical van in the flood affected area. The partnership deed provides for charging interest on drawings @ 6% p.a. After the final accounts were prepared it was discovered that interest on drawings had not been charged. Give the necessary adjusting journal entry and show the working notes clearly. Also, state any two values which the partners wanted to communicate to the society.
Mona, Nisha and Priyanka are partners in a firm. They contributed Rs 50,000 each as capital three years ago. At that time Priyanka agreed to look after the business as Mona and Nisha were busy. The profits for the past three years were Rs 15,000, Rs 25,000 and Rs 50,000 respectively. While going through the books of accounts Mona noticed that the profit had been distributed in the ratio of 1:1:2. When the enquired from Priyanka about this, Priyanka answered that since she looked after the business she should get more profit. Mona disagreed and it was decided to distribute profit equally retrospectively for the last three years.
1) You are required to make necessary corrections in the books of accounts of Mona, Nisha and Priyanka by passing an adjustment entry.
2) Identify the value which was not practiced by Priyanka while distributing profits
Lalan and Balan were partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals on 1.4.2010 were : Lalan Rs 1,00,000 and Balan Rs 2,00,000. They agreed to allow interest on capital @ 12% per annum and to change on drawing @ 15% per annum. The firm earned a profit, before all above adjustments of Rs 30,000 of the year ended 31.3.2011. The drawing before Lalan and Balan during the year were Rs 3,000 and Rs 5,000 respectively. Showing your calculations, clearly prepare Profit and Loss Appropriation Account of Lalan and Balan. The interest on capital will be allowed even if the firm incurs a loss.
From the following information of a not-for-profit organization show the ‘Sports Material’ item in the Income and Expenditure A/c for the year ending on 31st March 2009 and Balance Sheet as on 31st March 2008 and 31st March 2009.
|
|
31.3.2008 Rs |
31.3.2009 Rs |
|
Stock of Sports Material |
7,200 |
5,800 |
|
Creditors for Sports Material |
5,800 |
9,200 |
|
Advance to supplied for Sport Material |
12,000 |
21,000 |
Payment to supplies for the Sports Material during the year was Rs 1,00,000. There were no cash purchases made.
Choose the appropriate alternative from the given options:
Disha and Abha were partners in a firm. Farad was admitted as a new partner for 1/5th share in the profits of the firm. Farad brought proportionate capital. Capitals of Disha and Abha after all adjustments were ₹ 64,000 and ₹ 46,000 respectively. Capital brought by Farad was:
Nikita, Mankrit, and Pulkit were partners in firm sharing profits and losses in the ratio 4 : 3: 2. Their balance sheet as on 31st March 2019 was as follows:
Balance Sheet of Nikita, Mankrit, and Pulkit as on 31st March 2019
| Liabilities |
Amount (₹) |
Assets | Amount (₹) |
| Capitals : | Plant and Machinery | 6,40,000 | |
| Nikita - 4,00,000 | Stock | 2,30,000 | |
| Mankrit - 3,00,000 | Sundry debtors | 1,40,000 | |
| Pulkit - 2,00,000 | 9,00,000 | Cash at bank | 40,000 |
| General Reserve | 90,000 | ||
| Creditors | 60,000 | ||
| 10,50,000 | 10,50,000 |
Mankrit died on 31st July 2019. According to the partnership deed, the executors of the deceased partner are entitled to:
(a) Balance of partner's capital account
(b) Salary @ ₹ 6,000 per quarter.
(c) Share of goodwill calculated on the basis of twice the average of past three years' profits and share of profits from the closure of the last accounting year till the date of death calculated on the basis of the average of three completed years' profits before death.
Profits for 2016-17, 2017-18 and 2018-19 were ₹ 80,000, ₹ 90,000 and ₹ 1,00,000 respectively.
(d) Mankrit withdrew ₹ 6,000 on 15th May, 2019.
Prepare Mankrit's capital account to be rendered to her executors.
What would be the journal entry of when a retiring partner's whole amount is treated as a loan?
P, Q and R are partners in a firm sharing profits and losses in the ratio of 2: 2: 1. For the year ended 31st March, 2022, interest on capital was credited to them @ 10% p.a. instead of 5% p.a. Their fixed capitals were ₹ 2,00,000; ₹ 1,00,000; ₹ 50,000 respectively. The necessary adjustment entry to rectify the error will be:
Ashish and Vishesh were partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2022 was under:
| Balance Sheet of Ashish and Vishesh as at 31st March, 2022 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 30,000 | Cash at Bank | 50,000 | ||
| Outstanding Electricity Bill | 20,000 | Debtors | 80,000 | 78,000 | |
| Capitals: | Less: Provision for Bad Debts | (2,000) | |||
| Ashish | 3,00,000 | 5,00,000 | Stock | 1,12,000 | |
| Vishesh | 2,00,000 | Machinery | 3,00,000 | ||
| Profit and Loss A/c | 10,000 | ||||
| 5,50,000 | 5,50,000 | ||||
On 1st April, 2022, Manya was admitted into the firm with 1/4th share in the profits on the following terms:
- Manya will bring ₹ 1,00,000 as her capital and ₹ 50,000 as her share of goodwill premium in cash.
- Outstanding electricity bill will be paid off.
- Stock was found overvalued by ₹ 12,000.
Pass the necessary journal entries in the books of the firm on Manya's admission
Greg and Rohit are partners in a firm sharing profits and losses in the ratio of 2 : 3.
Their Balance Sheet as at 31st March, 2022, is given below:
| Balance Sheet of Greg and Rohit As at 31st March, 2022 |
|||||
| Liabilities | (₹) | Assets | (₹) | ||
| Sundry Creditors | 15,000 | Goodwill | 10,000 | ||
| Outstanding Salary | 5,000 | Office Equipment | 37,000 | ||
| General Reserve | 8,000 | Sundry Debtors | 6,400 | 6,000 | |
| Capital Accounts: | Less: Provision for doubtful debts |
400 | |||
| Greg | 25,000 | 35,000 | Cash | 10,000 | |
| Rohit | 10,000 | ||||
| 63,000 | 63,000 | ||||
On 1st April, 2022, they admit Kunal as a new partner on the following terms:
- The new profit-sharing ratio of Greg, Rohit and Kunal is to be 5 : 3 : 2.
- Kunal to bring his share of capital of ₹ 25,000 and his share of goodwill of ₹ 5,000 in cash.
- Office Equipment to be valued at ₹ 42,000.
You are required to prepare Partners' Capital Accounts.
