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प्रश्न
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.
उत्तर
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
(i) |
Investment A/c |
Dr. |
|
20,000 |
|
|
|
To Revaluation A/c |
|
|
|
20,000 |
|
|
(Investments recorded) |
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|
|
|
|
|
|
|
|
|
|
|
(ii) |
Revaluation A/c |
Dr. |
|
5,000 |
|
|
|
To Creditors A/c |
|
|
|
5,000 |
|
|
(Liability recorded) |
|
|
|
|
|
|
|
|
|
|
|
|
(iii) |
Creditors A/c |
|
|
|
|
|
|
To Revaluation A/c |
Dr |
|
1,600 |
|
|
|
(Liability decreased) |
|
|
|
1,600 |
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?
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.
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
|
Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
Bills Payable |
|
10,000 |
Cash in Hand |
10,000 |
|
|
Creditors |
|
58,000 |
Cash at Bank |
40,000 |
|
|
Outstanding |
|
2,000 |
Sundry Debtors |
60,000 |
|
|
Expenses |
|
- |
Stock |
40,000 |
|
|
Capitals: |
|
|
Plant |
1,00,000 |
|
|
|
A |
1,80,000 |
|
Buildings |
1,50,000 |
|
|
B |
1,50,000 |
3,30,000 |
|
|
|
|
|
|
4,00,000 |
|
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.
Leela and Meeta were partners in a firm sharing profits and losses in the ratio of 5:3. In April 2017 they admitted Om as a new partner. On the date of Om’s admission the balance sheet of Leela and Meeta showed a balance of Rs 16,000 in general reserve and Rs 24,000 (Cr) in Profit and Loss Account. Record necessary journal entries for the treatment of these items on Om’s admission. The new profit sharing ratio between Leela, Meeta and Om was 5:3:2.
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.
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.
Anshul and Parul are partners sharing profits in the ratio of 3 : 2. They admit Payal as partner for 1/4th share in profits on 1st April, 2019. Payal brings ₹ 5,00,000 as capital and her share of goodwill by cheque. It was agreed to value goodwill at three years' purchase of average profit of last four years.
| Profits for the last four years ended 31st March, were | ₹ |
| 2015-16 | 4,00,000 |
| 2016-17 | 5,00,000 |
| 2017-18 | 6,00,000 |
| 2018-19 | 7,00,000 |
Additional Information:
1. Closing Stock for the year ended 31st March, 2018 was overvalued by ₹ 50,000.
2. ₹ 1,00,000 should be charged annually to cover management cost.
Pass necessary Journal entries on Payal'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 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:
On the admission of a new partner:
At the time of admission of a partner, a new ratio will be calculated by:
Asha and Nisha are partners sharing profits in the ratio of 2:1. Kashish was admitted for `1/4` share of which `1/8` was gifted by Asha. The remaining was contributed by Nisha.
Goodwill of the firm is valued at ₹ 40,000. How much amount for goodwill will be credited to Nisha’s Capital account?
Complete the following sentence.
______ of a partner is a mode of reconstituting the firm.
On admission of a new partner, an increase in the value of assets is debited to ______
Pick the odd one out:
A, B and C are partners in a firm. If D is admitted as a new partner:
