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प्रश्न
Sundar and Suresh are partners sharing profits in the ratio of 3 : 2. Their balance sheet as on 1st January, 2017 was as follows:
Liabilities | ₹ | ₹ | Assets | ₹ |
Capital accounts: | Buildings | 40,000 | ||
Sundar | 30,000 | Furniture | 13,000 | |
Suresh | 20,000 | 50,000 | Stock | 25,000 |
Creditors | 50,000 | Debtors | 15,000 | |
General reserve | 10,000 | Bills receivable | 14,000 | |
Workmen compensation fund | 15,000 | Bank | 18,000 | |
1,25,000 | 1,25,000 |
They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:
- Sugumar has to bring in ₹ 30,000 as capital. His share of goodwill is valued at ₹ 5,000. He could not bring cash towards goodwill.
- That the stock be valued at ₹ 20,000.
- That the furniture be depreciated by ₹ 2,000.
- That the value of building be depreciated by 20%.
Prepare necessary ledger accounts and the balance sheet after admission.
उत्तर
Dr. | Revaluation Account | Cr. | ||
Particulars | ₹ | Particulars | ₹ | |
To Building | 8,000 | Loss transferred to | ||
To Furniture | 2,000 | Sundar capital | 9,000 | |
To Stock | 5,000 | Suresh capital | 6,000 | 15,000 |
15,000 | 15,000 |
Dr. | Capital Account | Cr. | |||||
Particulars | Sundar | Suresh | Sugumar | Particulars | Sundar | Suresh | Sugumar |
To Revaluation Loss |
9,000 | 6,000 | - | By Balance b/d | 30,000 | 20,000 | - |
By General Reserve | 6,000 | 4,000 | - | ||||
To Balance c/d | 39,000 | 26,000 | 25,000 | By Workers compensation fund | 9,000 | 6,000 | - |
By Bank | - | - | 25,000 | ||||
By Goodwill | 3,000 | 2,000 | - | ||||
48,000 | 32,000 | 25,000 | 48,000 | 32,000 | 25,000 |
Balance Sheet as on 31.12.17
Liabilities | ₹ | ₹ | Assets | ₹ | ₹ |
Creditors | 50,000 | Buildings | 40,000 | ||
Capital Account | (−) Revalued | 8,000 | 32,000 | ||
Sundar Cap | 39,000 | Furniture | 13,000 | ||
Suresh Cap | 26,000 | (−) Revalued | 2,000 | 11,000 | |
Sugumar Cap | 25000 | 90,000 | Stock | 25,000 | |
(−) Revalued | 5,000 | 20,000 | |||
Debtors | 15,000 | ||||
Bills Receivable | 14,000 | ||||
Bank | 18,000 | ||||
(+) Sugumar Cap | 25000 | 43,000 | |||
Goodwill | 5,000 | ||||
1,40,000 | 1,40,000 |
APPEARS IN
संबंधित प्रश्न
Anil and Sunil were partners sharing profits and losses in the ratio of 2:1 respectively. Their Balance Sheet was as follows:
Balance Sheet as on 31st March 2010 | |||
Liabilities | Amount (Rs) | Assets | Amount (Rs) |
Capital A/c | Cash at Bank | 4,000 | |
Anil | 24,000 | Debtors | 15,000 |
Sunil | 16,000 | Stock | 23,500 |
Trade Creditors | 26,000 | Furniture | 5,000 |
Anil’s Loan A/c | 6,500 | Building | 25,000 |
72,500 | 72,500 |
On 1st April 2010, Ram is admitted in the partnership on the following terms:
(1) Ram should bring in cash of Rs. 12,000 as capital for 1/5th share in future profit.
(2) Goodwill A/c is raised in the books of the firm for Rs. 4,500.
(3) A building is revalued at Rs. 28,000 and the value of stock be reduced by Rs. 1,500.
(4) Reserve for doubtful debts is provided at 5% on debtors.
Prepare:
(a) Profit and Loss Adjustment account.
(b) Capital Accounts of partners.
(c) Balance Sheet of the new firm.
Write a word/phrase/term which can substitute the following statement.
An account that is debited when the partner takes over the asset.
A and B are partners in a firm sharing profits and losses in the ratio of 1:1. C is admitted. A surrenders `1/4`th share and B surrenders `1/5`th of his share in favor of C. Calculate the new profit sharing ratio.
Vikram and Pradnya share profits and losses in the ratio 2:3 respectively. Their balance sheet as on 31st March 2018 was as under.
Balance Sheet as on 31st March 2018
Liabilities | Amount (₹) | Assets | Amount (₹) |
Creditors | 1,05,000 | Cash | 7,500 |
Capitals: | Land & Building | 37,500 | |
Vikram | 75,000 | Plant | 45,000 |
Pradnya | 75,000 | Furniture | 3,000 |
Stock | 75,000 | ||
Debtors | 87,000 | ||
2,55,000 | 2,55,000 |
They agreed to admit Avani as a partner on 1st April 2018 on the following terms:
- Avani shall have 1/4th share in future profits.
- He shall bring ₹ 37,500 as his capital and ₹ 30,000 as his share of goodwill.
- Land and building to be valued at ₹ 45,000 and furniture to be depreciated by 10%.
- Provision for bad and doubtful debts is to be maintained at 5% on the Sundry Debtors.
- Stocks to be valued ₹ 82,500.
The capital A/c of all partners to be adjusted in their new profit and loss ratio and excess amount be transferred to their loan accounts.
Prepare Profit and Loss Adjustment Account, Capital Accounts, and New Balance Sheet.
Mr. Amit and Baban share profits and losses in the ratio 2:3 respectively. Their balance sheet as on 31st March 2018 was as under
Balance Sheet as On 31st March 2018 | |||
Liabilities | Amount (₹) | Assets | Amount (₹) |
Creditors | 1,40,000 | Cash | 110,000 |
Capital: | Land and Building | 50,000 | |
Amit | 100,000 | Plant | 60,000 |
Baban | 100,000 | Furniture | 4,000 |
Stock | 100,000 | ||
Debtors | 16,000 | ||
3,40,000 | 3,40,000 |
They agreed decided to admit Kamal on 1st April 2018 on the following terms:
1. Kamal shall have 1/4th share in future profits.
2. They agreed to admit Kamal as a partner on 1st April 2018 on the following terms:
3. She shall bring 50,000 as her capital and 40,000 as her share of goodwill.
4. Land and building to be valued at 60,000 and furniture to be depreciated by 10%
5. Provision for bad and doubtful debts is to be maintained at 5% on the sundry debtors.
6. Stocks to be valued 1,10,000 The capital A/c of all partners to be adjusted in their new profit and loss ratio and excess amount be transferred to their loan accounts.
Prepare profit and loss adjustment A/c, Capital A/cs, and New Balance Sheet.
On revaluation, the increase in the value of assets leads to _________.
At the time of admission of a partner, what will be the effect of the following information?
Balance in Workmen compensation reserve ₹40,000. Claim for workmen compensation ₹45,000.
Ganga and Jamuna are partners sharing profits in the ratio of 2 : 1. They admit Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s capital was ₹ 1,02,000 and Jamuna’s capital was ₹ 73,000. Saraswati brings ₹ 25,000 as her share of goodwill and she agrees to contribute proportionate capital to the new firm. How much capital will be brought by Saraswati?
The following is the Balance sheet of partners Aditya and Chaitanya on 31st March, 2019 they share profits and losses in the ratio of 3 : 2:
Balance sheet as on 31st march 2019
Liabilities |
Amount ₹ |
Assets | Amount ₹ |
Creditors | 60,000 | Building | 30,000 |
Capital Accounts: | Furniture | 1,800 | |
Aditya | 42,000 | Machinery | 42,000 |
Chaitanya | 42,000 | Stock | 24,600 |
Current Accounts: | Debtors | 54,000 | |
Aditya | 7,500 | Cash | 6,000 |
Chaitanya | 6,900 | ||
1,58,400 | 1,58,400 |
Adjustments:
They admitted Sachin into partnership on 1st April, 2019 on the following terms:
- Building to be valued at ₹ 36,000, machinery and furniture to be reduced by 10%.
- Sachin should pay ₹ 6,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
- A provision of 5% on debtors to be made for doubtful debts.
- He should bring ₹ 18,000 as capital for 1/4th share in future profit.
- Stock is to be taken at the value of ₹ 30,000.
Prepare:
- Profit and Loss Adjustment Account.
- Partners’ Current Account.
- Balance Sheet of the New Firm.
The following is the Balance Sheet of Vivaan and Vihaan sharing Profits and Losses in the ratio of 3 : 2 as on 31 March, 2023.
Balance Sheet as on 31st March, 2023 | ||||
Liabilities | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
Capital Accounts: | Building | 1,08,000 | ||
Vivaan | 1,20,000 | Plant and Machinery | 90,000 | |
Vihaan | 1,50,000 | Stock | 72,000 | |
Sundry Creditors | 90,000 | Debtors | 63,000 | 60,000 |
Bank Overdraft | 15,000 | Less: R.D .D. | 3,000 | |
Bank | 30,000 | |||
Investments | 15,000 | |||
3,75,000 | 3,75,000 |
On 1-4-2023, Prihaan is admitted on the following terms:
(1) He is to pay ₹ 1,50,000 as his capital and ₹ 60,000 as his share of Goodwill.
(2) The new profit sharing ratio is to be 5 : 3 : 2.
(3) The assets are to be revalued as under:
Building ₹ 1,50,000, Plant and Machinery ₹ 72,000.
(4) R.D.D. to be increased up to ₹ 6,000
(5) The old partners decided to keep half of the amount of goodwill in the business.
(6) Sundry creditors are to be revalued at ₹ 99,000.
Prepare Revaluation Account, Capital Accounts of Partners and Balance Sheet of new [um.