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प्रश्न
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner and fixed the new profit-sharing ratio as 3 : 2 : 1. At the time of admission of Z, Debtors and Provision for Doubtful Debts appeared at ₹ 50,000 and ₹ 5,000 respectively all debtors are good. 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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(i) |
Provision for Doubtful Debts A/c |
Dr. |
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5,000 |
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To Revaluation A/c |
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5,000 |
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(Provision on Debtors reduced) |
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(ii) |
Revaluation A/c |
Dr. |
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5,000 |
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To X’s Capital A/c |
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3,000 |
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To Y’s Capital A/c |
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2,000 |
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(Profit on Revaluation transferred to Partners’ Capital A/c) |
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संबंधित प्रश्न
Identify various matters that need adjustments at the time of admission of a new partner.
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?
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?
X and Y were partners in a firm sharing profits and losses in the ratio of 2 : 1. Z was admitted for 1/3rd share in the profits. On the date of Z's admission, the Balance Sheet of X and Y showed General Reserve of ₹ 2,50,000 and a credit balance of ₹ 50,000 in Profit and Loss Account. Pass necessary Journal entries on the treatment of these items on Z's admission.
Disha and Divya are partners in a firm sharing profits in the ratio of 3 : 2 respectively. The fixed capital of Disha is ₹ 4,80,000 and of Divya is ₹ 3,00,000. On 1st April, 2019 they admitted Hina as a new partner for 1/5th share in future profits. Hina brought ₹ 3,00,000 as her capital. Calculate value of goodwill of the firm and record necessary Journal entries on Hina'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.
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 4 : 3. They admit C as a new partner. New Ratio will be 2 : 3 : 1. Sacrificing ratio will be:
A and B are partners in firm sharing profits in the ratio of 3 : 2. They admit C as a new partner for `1/4` share. New Ratio of A and B will be 2 : 1. Sacrificing ratio will be:
A and B are partners in firm sharing profits in the ratio of 5 : 3. They admit C as a new partner for `1/7` share. New Ratio will be 4 : 2 : 1. Sacrificing ratio will be:
Sacrificing ratio is ascertained at the time of:
Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ______ whereas in case of admission of a partner it is shared by ______.
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:
A and B are partners sharing profit in the ratio of 3 : 2. They admit C as a partner by giving him `1/3`rd share in future profits. The new ratio will be:
Which of the following is not readjusted at the time of admission of a new partner?
The balance amount of Workmen Compensation Reserve, after meeting actual liability, at the time of admission of a new partner, will be transferred to:
