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प्रश्न
Arti and Bharti are partners in a firm sharing profits in 3:2 ratio, They admitted Sarthi for 1/4 share in the profits of the firm. Sarthi brings Rs. 50,000 for his capital and Rs. 10,000 for his 1/4 share of goodwill. Goodwill already appears in the books of Arti and Bharti at Rs. 5,000. the new profit sharing ratio between Arti, Bharti and Sarthi will be 2:1:1. Record the necessary journal entries in the books of the new firm?
उत्तर
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Journal Entries |
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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Arti's Capital A/c |
Dr. |
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3,000 |
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Bharti's Capital A/c |
Dr. |
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2,000 |
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To Goodwill A/c |
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5,000 |
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(Goodwill written off) |
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Cash A/c |
Dr. |
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60,000 |
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To Sarthi's Capital A/c |
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50,000 |
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To Premium for Goodwill A/c |
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10,000 |
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(Amount of capital and share of goodwill brought by Sarthi) |
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Premium for Goodwill A/c |
Dr. |
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10,000 |
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To Arti's Capital A/c |
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4,000 |
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To Bharti’s Capital A/c |
6,000 |
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(Premium for Goodwill credited Arti's Capital Account) |
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Old Ratio = Arti : Bharti
= 3 : 2
Sarthi admitted for ` 1/4` share in new firm.
New Ratio = Arti : Bharti : Sarthi
= 2 : 1 : 1
Sacrificing Ratio = Old Ratio − New Ratio
Arti = `3/5 - 2/4 = 2/20`
Bharti = `2/5 - 1/4 = 3/20`
Arti will receive = 10,000 x `2/5` = 4,000
Bharti will receive = 10,000 x `3/5` = 6,000.
APPEARS IN
संबंधित प्रश्न
Identify various matters that need adjustments at the time of admission of a new partner.
Do you advise that assets and liabilities must be revalued at the time of admission of a partner? If so, why? Also describe how is this treated in the book of account?
Amar and Samar were partners in a firm sharing profits and losses in 3:1 ratio. They admitted Kanwar for 1/4 share of profits. Kanwar could not bring his share of goodwill premium in cash. The Goodwill of the firm was valued at Rs. 80,000 on Kanwar’s admission. Record necessary journal entry for goodwill on Kanwar’s admission.
A and B share profits in the proportions of 3/4 and 1/4. Their Balance Sheet on March 31, 2016 was as follows:
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Balance Sheet of A and B as on March 31, 2016 |
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Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
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Sundry creditors |
41,500 |
Cash at Bank |
26,500 |
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Reserve fund |
4,000 |
Bills Receivable |
3,000 |
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Capital Accounts |
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Debtors |
16,000 |
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A |
30,000 |
Stock |
20,000 |
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B |
16,000 |
Fixtures |
1,000 |
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Land & Building |
25,000 |
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91,500 |
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91,500 |
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On April 1,2017, C was admitted into partnership on the following terms:
- That C pays Rs 10,000 as his capital.
- That C pays Rs 5,000 for goodwill. Half of this sum is to be withdrawn by A and B.
- That stock and fixtures be reduced by 10% and a 5%, provision for doubtful debts be created on Sundry Debtors and Bills Receivable.
- That the value of land and buildings be appreciated by 20%.
- There being a claim against the firm for damages, a liability to the extent of Rs 1,000 should be created.
- An item of Rs 650 included in sundry creditors is not likely to be claimed and hence should be written back.
Record the above transactions (journal entries) in the books of the firm assuming that the profit sharing ratio between A and B has not changed. Prepare the new Balance Sheet on the admission of C.
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 of profits. At the time of admission of Z, Debtors and Provision for Doubtful Debts appeared at ₹ 76,000 and ₹ 8,000 respectively. ₹ 6,000 of the debtors proved bad. A provision of 5% is to be created on Sundry Debtors for doubtful debts. 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.
E and F were partners in a firm sharing profits in the ratio of 3 : 1. They admitted G as a new partner on 1st April, 2019 for 1/3rd share. It was decided that E, F and G will share future profits equally. G brought ₹ 50,000 in cash and machinery valued at ₹ 70,000 as premium for goodwill.
Pass necessary Journal entries in the books of the firm.
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.
The firm number of partners increase:
New partner can be admitted in the firm with the consent of ____________ old partners.
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:
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?
According to which section of the Indian Partnership Act, 1932, a person be admitted as a new partner?
Pick the odd one out:
When a new partner enters into the partnership firm, old partners ______ some part of their old share.
Pick the odd one out:
