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प्रश्न
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?
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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Cash A/c |
Dr. |
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27,000 |
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To Z's Capital A/c |
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20,000 |
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To Premium for Goodwill A/c |
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7,000 |
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(Amount of Capital and his share of Goodwill brought by Z) |
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Premium for Goodwill A/c |
Dr. |
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7,000 |
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To X's Capital A/c |
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4,000 |
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To Y's Capital A/c |
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3,000 |
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(Premium for Goodwill credit to Old Partners in Sacrificing Ratio) |
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Goodwill Rs 40,000 can not be raised. According to AS-10 Goodwill can be shown in the book if money and money value is paid for it. Here no money or money value has been paid for Goodwill. |
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APPEARS IN
संबंधित प्रश्न
Identify various matters that need adjustments at the time of admission of a new partner.
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?
Azad and Babli are partners in a firm sharing profits and losses in the ratio of 2:1. Chintan is admitted into the firm with 1/4 share in profits. Chintan will bring in Rs 30,000 as his capital and the capitals of Azad and Babli are to be adjusted in the profit sharing ratio. The Balance Sheet of Azad and Babli as on March 31, 2016 (before Chintan’s admission) was as follows:
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Balance Sheet of A and B as on 31.03.2016 |
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Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
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Creditors |
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8,000 |
Cash in hand |
2,000 |
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Bills payable |
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4,000 |
Cash at bank |
10,000 |
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General reserve |
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6,000 |
Sundry debtors |
8,000 |
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Capital accounts: |
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Stock |
10,000 |
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Azad |
50,000 |
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Funiture |
5,000 |
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Babli |
32,000 |
82,000 |
Machinery |
25,000 |
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Buildings |
40,000 |
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1,00,000 |
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1,00,000 |
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It was agreed that
i) Chintan will bring in Rs 12,000 as his share of goodwill premium.
ii) Buildings were valued at Rs 45,000 and Machinery at Rs 23,000.
iii) A provision for doubtful debts is to be created @ 6% on debtors.
iv) The capital accounts of Azad and Babli are to be adjusted by opening current accounts.
Record necessary journal entries, show necessary ledger accounts and prepare the Balance Sheet after admission.
Ashish and Dutta were partners in a firm sharing profits in 3:2 ratio. On Jan. 01, 2015 they admitted Vimal for 1/5 share in the profits. The Balance Sheet of Ashish and Dutta as on Jan. 01, 2016 was as follows
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Balance Sheet of A and B as on 1.1.2016 |
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Liabilites |
Amount Rs |
Assets |
Amount Rs |
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Creditors |
15,000 |
Land & Building |
35,000 |
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Bills Payable |
10,000 |
Plant |
45,000 |
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Ashish Capital |
80,000 |
Debtors |
22,000 |
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Dutta’s Capital |
35,000 |
Less : Provision |
2,000 |
20,000 |
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Stock |
35,000 |
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Cash |
5,000 |
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1,40,000 |
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1,40,000 |
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It was agreed that:
i) The value of Land and Buildingbeincreased by Rs 15,000.
ii) The value of plantbeincreased by 10,000.
iii) Goodwill of the firm be valued at Rs 20,000.
iv) Vimal to bring in capital to the extent of 1/5th of the total capital of the new firm.
Record the necessary journal entries and prepare the Balance Sheet of the firm after Vimal’s admission.
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.
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.
Pass entries in the firm's journal for the following on admission of a partner:
(i) Machinery be reduced by ₹ 16,000 and Building be appreciated by ₹ 40,000.
(ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to ₹ 80,000.
(iii) Provision for warranty claims be increased by ₹ 12,000.
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 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:
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:
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:
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 ______
The balance amount of Workmen Compensation Reserve, after meeting actual liability, at the time of admission of a new partner, will be transferred to:
