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प्रश्न
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.
उत्तर
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
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X’s Capital A/c |
Dr. |
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24,000 |
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Y’s Capital A/c |
Dr. |
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16,000 |
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To Investments A/c |
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40,000 |
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(Half of the investments taken over by X and Y) |
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Investment A/c |
Dr. |
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10,000 |
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To Revaluation A/c |
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10,000 |
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(Value of investments increased) |
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Revaluation A/c |
Dr. |
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10,000 |
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To X’s Capital A/c |
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6,000 |
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To Y’s Capital A/c |
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4,000 |
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(Profit on revaluation transferred to Partners’ Capital A/c) |
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APPEARS IN
संबंधित प्रश्न
Pinky, Qumar and Roopa partners in a firm sharing profits and losses in the ratio of 3:2:1. S is admitted as a new partner for 1/4 share in the profits of the firm, whichs he gets 1/8 from Pinky, and 1/16 each from Qmar and Roopa. The total capital of the new firm after Seema’s admission will be Rs 2,40,000. Seema is required to bring in cash equal to 1/4 of the total capital of the new firm. The capitals of the old partners also have to be adjusted in proportion of their profit sharing ratio. The capitals of Pinky, Qumar and Roopa after all adjustments in respect of goodwill and revaluation of assets and liabilities have been made are Pinky Rs 80,000, Qumar Rs 30,000 and Roopa Rs 20,000. Calculate the capitals of all the partners and record the necessary journal entries for doing adjustments in respect of capitals according to the agreement between the partners?
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.
Bhuwan and Shivam were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were ₹ 50,000 and ₹ 75,000 respectively. They admitted Atul on 1st April, 2018 as a new partner for 1/4th share in future profits. Atul brought ₹ 75,000 as his capital. Calculate the value of goodwill of the firm and record necessary Journal entries for the above transactions on Atul's admission.
A and B are partners sharing profits and losses in the ratio of 7 : 5. They admit C, their Manager, into partnership who is to get 1/6th share in the business. C brings in ₹ 10,000 for his capital and ₹ 3,600 for the 1/6th share of goodwill which he acquires 1/24th from A and 1/8th from B. Profits for the first year of the new partnership was ₹ 24,000. Pass necessary Journal entries for C's admission and apportion the profit between the partners.
A, B, C and D are in partnership sharing profits and losses in the ratio of 36 : 24 : 20 : 20 respectively. E joins the partnership for 20% share and A, B, C and D in future would share profits among themselves as 3/10 : 4/10 : 2/10 : 1/10. Calculate new profit-sharing ratio after E's admission.
Out of the following, which is the main right of a partner?
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:
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:
On the admission of a new partner:
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?
Pick the odd one out:
When a new partner enters into the partnership firm, old partners ______ some part of their old share.
On admission of a new partner, an increase in the value of assets is debited to ______
Which of the following is not readjusted at the time of admission of a new partner?
Pick the odd one out:
A, B and C are partners in a firm. If D is admitted as a new partner:
