Advertisements
Advertisements
प्रश्न
Which of the following transactions is debited to Revaluation Account?
पर्याय
Increase in the value of Furniture
Increase in Provision for Doubtful Debts
Creditors discharged at a discount
Loss on revaluation of all assets and reassessment of all liabilities
उत्तर
Increase in Provision for Doubtful Debts
APPEARS IN
संबंधित प्रश्न
P, Q and R were partners in a firm sharing profits in the ratio of 3:2:1. On 31-3-2015 their Balance Sheet was as follows :
Balance Sheet of P,Q and R as on 31-3-2015
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors General Reserve Capitals P 1,80,000 Q 1,20,000 R 60,000
|
2,52,000 63,000
3,60,000
|
Bank Debtors Stock Investments Furniture Machinery
|
51,000 69,000 3,30,000 90,000 30,000 1,05,000
|
| 6,75,000 | 6,75,000 |
On the above date S was admitted as a new partner and it was decided that:
(i) The new profit sharing ratio between P, Q, R and S will be 2:2:1:1.
(ii) Goodwill of the firm was valued at Rs.2, 70,000 and S will bring his share of goodwill premium in cash.
(iii) The market value of investments was Rs.64,000.
(iv) Machinery will be reduced to Rs.87,000.
(v) A creditor of Rs.9,000 was not likely to claim the amount and hence to be written-off.
(vi) S will bring proportionate capital so as to give him 1/6th share in the profits of the firm.
Prepare Revaluation Account. Partners' Capital Accounts and the Balance Sheet of P, Q, R and S.
Ashok, Bhim and Chetan were partners in a firm sharing profits in the ratio of 3:2:1.
Their Balance Sheet as on 31-3-2015 was as follows:
Balance Sheet of Ashok, Bhim and Chetan
as on 31-3-2015
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors Bills Payable General Reserve Capitals Ashok 2,00,000 Bhim 1,00,000 Chetan 50,000 |
1,00,000 40,000 60,000
3,50,000 |
Land Building Plant Stock Debtors Bank
|
1,00,000 1,00,000 2,00,000 80,000 60,000 10,000
|
| 5,50,000 | 5,50,000 |
Ashok, Bhim and Chetan decided to share the future profits equally, w.e.f. April 1, 2015. For this it was agreed that:
(i) Goodwill of the firm be valued at 3,00,000
(ii) Land be revalued at 1, 60,000 and building be depreciated by 6%.
(iii) Creditors of 12,000 were not likely to be claimed and hence be written off
Prepare Revaluation Account Partners’ Capital Accounts and Balance Sheet of the reconstituted firm
A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance sheet was as follows :
Balance Sheet of A,B and C as on 31-3-2015
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors General Reserve
Capitals A 60,000 B 40,000 C 20,000 |
84,000 21,000
1,20,000 |
Bank Debtors Stock Investments Furniture & Fittings Machinery
|
17,000 23,000 1,10,000 30,000 10,000 35,000
|
| 2,25,000 | 2,25,000 |
On the above date D was admitted as new partner and it was decided that
(i) The new profit sharing ratio between A, B, C and D will be 2:1:1:1.
(ii) Goodwill of the firm was valued at Rs.90,000 and D brought his share of goodwill premium in cash.
(iii) The Market value of investments was Rs.24,000
(iv) Machinery will be reduced to Rs.29,000
(v) A Creditor of Rs.3,000was not likely to claim the amount and hence to be written off.
(vi) D will bring proportionate capital so as to give him 1/6th share in the profits of the firm.
Prepare Revaluations Account, Partner’s Capital Accounts and Balance Sheet of the reconstitute firm
L, M and N were partners in a firm sharing profit in the ratio of 3:2:1. Their Balance Sheet on 31.3.2015 was as follows :
Balance Sheet of L,M and N as on 31-3-2015
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors General Reserve Capitals L 1,20,000 M 80,000 N 40,000
|
1,68,000 42,000
2,40,000
|
Bank Debtors Stock Investments Furniture Machinery
|
34,000 46,000 2,20,000 60,000 20,000 70,000
|
| 4,50,000 | 4,50,000 |
On the above date O was admitted as a new partner and it was decided that:
(i) The new profit sharing ratio between L, M, N and 0 will be 2: 2: 1: 1.
(ii) Goodwill of the firm was valued at Rs.1,80,000 and O brought his share of goodwill premium in cash.
(iii) The market value of investments was Rs.36,000.
(iv) Machinery will be reduced to Rs.58,000.
(v) A creditor of Rs.6,000 was not likely to claim the amount and hence to be written-off.
(vi) O will bring proportionate capital so as to give him 1/6th share in the profits of the firm.
Prepare Revaluation Account. Partner's Capital Accounts and the Balance Sheet of the New Firm
A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance sheet was as follows :
Balance Sheet of A,B and C as on 31-3-2015
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Creditors Bills Payable
Capitals A 1,00,000 B 50,000 C 25,000 General Reserve |
50,000 20,000
1,75,000 30,000 |
Land Building Plant Stock Debtors Bank
|
50,000 50,000 1,00,000 40,000 30,000 5,000
|
| 2,75,000 | 2,75,000 |
On the above date D was admitted as new partner and it was decided that:
(i) Goodwill of the firm will be valued at 1,50,000
(ii) Land will be revalued at 80,000 and building be depreciated by 60%.
(iii) Creditors of 6,000 were not likely to be claimed and hence should be written off
Prepare Revaluations Account, Partner’s Capital Accounts and Balance Sheet of the reconstitute firm.
Xavier, Yusuf and Zaman were partners in a firm sharing profits in the ratio of 4:3: 2. On 1.4.2014 their Balance sheet was as follows:
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Sundry Creditors Capital Accounts Xavier 1,20,000 Yusuf 90,000 Zaman 60,000
|
41,400
2,70,000
|
Cash at Bank Sundry Debtors 30,450 Less: Prov. For Bad debts 1,050 Stock Plant and Machinery Land and Building |
33,000
29,400 48,000 51,000 1,50,000 |
| 3,11,400 | 3,11,400 |
Yusuf had been suffering from ill health and thus gave notice of retirement from the firm. An agreement was, therefore, entered into as on 1.4.2014, the terms of which were as follows:
1) That land and building be appreciated by 10%
2) The provision for bad debts is no longer necessary
3) That stock be appreciated by 20%
4) That goodwill of the firm be fixed at Rs 54,000. Yusuf share of the same be adjusted into Xavier's and Zamna's Capital Accounts, who are going to share future profits in the ratio of 2:1
5) The entire capital of the newly constituted firm be readjusted by bringing in or paying necessary cash so that the future capitals of Xavier and Zaman will be in their profit sharing ratio.
Prepare Revaluation Account and Partner's Capital Account
A, B and C were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31-3-2015 their Balance Sheet was as follows:
|
Balance Sheet of A, B and C as on 31-3-2015 |
|||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
Creditors |
63,000 |
Land and Building |
1,86,000 |
||
|
Investment |
|
Motor Vans |
60,000 |
||
|
Fluctuation Fund |
30,000 |
Investments |
57,000 |
||
|
P & L Account |
1,20,000 |
Machinery |
36,000 |
||
|
Capitals: |
|
Stock |
45,000 |
||
|
A |
1,50,000 |
|
Debtors |
1,20,000 |
|
|
B |
1,20,000 |
|
Less: Provision |
9,000 |
1,11,000 |
|
C |
60,000 |
3,30,000 |
Cash |
48,000 |
|
|
|
5,43,000 |
|
5,43,000 |
||
|
|
|
|
|||
On the above date B retired and A and C agreed to continue the business on the following terms :
(1) Goodwill of the firm was valued at Rs 1,53,000.
(2) Provision for bad debts was to be reduced by Rs 3,000.
(3) There was a claim of Rs 12,000 for workmen compensation.
(4) B will be paid Rs 24,600 in cash and the balance will be transferred to his loan account which will be paid in four equal yearly instalments together with interest @ 10% p.a.
(5) The new profit sharing ratio between A and C will be 3:2 and their capital will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of A and C.
P, Q and R were partners in a firm sharing profit in the ratio of 7 : 2: 1. On 1st April, 2013 their Balance Sheet was as follows:
|
Balance Sheet of P, Q and R as on 1st April, 2013 |
|||||
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
||
|
Capitals: |
|
Land |
12,00,000 |
||
|
P |
9,00,000 |
|
Building |
9,00,000 |
|
|
Q |
8,40,000 |
|
Furniture |
3,60,000 |
|
|
R |
9,00,000 |
26,40,000 |
Stock |
6,60,000 |
|
|
General Reserve |
3,60,000 |
Debtors |
6,00,000 |
|
|
|
Workmen’s Compensation Fund |
5,40,000 |
Less provision |
–30,000 |
5,70,000 |
|
|
Creditors |
3,60,000 |
Cash |
2,10,000 |
||
|
|
39,00,000 |
|
39,00,000 |
||
|
|
|
|
|||
On the above data Q retired.
The following were agreed:
(i) Goodwill of the firm was valued at Rs 12,00,000.
(ii) Land was to be appreciated by 30% and Building was to depreciated by 3,00,000.
(iii) Value of furniture was to be reduced by Rs 60,000.
(iv) The liabilities for Workmen's Compensation Fund were determined at Rs 1,40,000.
(v) Amount Payable to Q was transferred to his loan account.
(vi) Capitals of P and R were to be adjusted in their new profit sharing ratio, For this purpose current accounts of the partners will be opened.
Prepare Revaluation Account, Partner's Capital Accounts and the Balance Sheet of the new firm.
The Balance Sheet of Ram and Shyam, who were sharing profits in the ratio of 3 : 1 on 31st March, 2009 was as follows:
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
||
|
Creditors |
2,800 |
Cash at bank |
2,000 |
||
|
Employees’ provident fund |
1,200 |
Debtors |
6,500 |
|
|
|
General Reserve |
2,000 |
Less: Reserve for bad debts |
(500) |
6,000 |
|
|
Capitals |
|
Stock |
3,000 |
||
|
Ram |
6,000 |
|
Investments |
5,000 |
|
|
Shyam |
4,000 |
10,000 |
|
|
|
|
|
16,000 |
|
16,000 |
||
|
|
|
|
|||
Gita, Radha, and Garv were partners in firm sharing profits and losses in the ratio of 3: 5: 2. On 31st March 2019, their balance sheet was as follows:
Balance Sheet of Gita, Radha & Garv as on 31st March 2019
| Liabilities |
Amount (₹) |
Assets | Amount (₹) |
| Sundry Creditors |
60,000 |
Cash | 50,000 |
| General Reserve |
40,000 |
Stock | 80,000 |
| Capitals : |
|
Debtors | 40,000 |
| Gita - 3,00,000 |
|
Investments | 30,000 |
| Radha - 2,00,000 |
|
Buildings | 5,00,000 |
| Garv - 1,00,000 |
6,00,000 |
||
| 7,00,000 | 7,00,000 |
Radha retired on the above date and it was agreed that:
(a) Goodwill of the firm be valued at ₹ 3,00,000 and Radha's share be adjusted through the capital accounts of Gita and Gary.
(b) Stock was to be appreciated by 20%.
(c) Buildings were found undervalued by ₹ 1,00,000.
(d) Investments were sold for ₹ 34,000.
(e) Capital of the new firm was fixed at ₹ 5,00,000 which will be in the new profit sharing ratio of the partners; the necessary adjustments for this purpose were to be made by opening current accounts of the partners.
Prepare Revaluation Account, Partner's Capital Accounts, and the Balance Sheet of the reconstituted firm on Radha's retirement.
