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प्रश्न
Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 7 : 5. The balance sheet of the partners on 31.03.2018 is as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Computer | 40,000 | ||
| Anbu | 4,00,000 | Motor car | 1,60,000 | |
| Shankar | 3,00,000 | 7,00,000 | Stock | 4,00,000 |
| Profit and loss | 1,20,000 | Debtors | 3,60,000 | |
| Creditors | 1,20,000 | Bank | 40,000 | |
| Workmen compensation fund | 60,000 | |||
| 10,00,000 | 10,00,000 |
Rajesh is admitted for 1/5 share on the following terms:
- Goodwill of the firm is valued at ₹ 80,000 and Rajesh brought cash ₹ 6,000 for his share of goodwill.
- Rajesh is to bring ₹ 1,50,000 as his capital.
- Motor car is valued at ₹ 2,00,000; stock at ₹ 3,80,000 and debtors at ₹ 3,50,000.
- Anticipated claim on workmen compensation fund is ₹ 10,000
- Unrecorded investment of ₹ 5,000 has to be brought into account.
Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission.
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उत्तर
| Dr. | Revaluation Account | Cr. | |||
| Particulars | ₹ | ₹ | Particulars | ₹ | ₹ |
| To Stock | 20,000 | By Motor Car | 40,000 | ||
| To Debtors | 10,000 | By Unrecorded Investment | 5,000 | ||
| To Anbu Capital A/c | 8,750 | ||||
| Shankar Capital A/c | 6,250 | 15,000 | |||
| 45,000 | 45,000 | ||||
| Dr. | Capital Account | Cr. | |||||
| Particulars | Anbu | Shankar | Rajesh | Particulars | Anbu | Shankar | Rajesh |
| To Balance c/d | 5,11,419 | 3,79,581 | 1,50,000 | By Balance b/d | 4,00,000 | 3,00,000 | - |
| By Profit and Loss A/c | 1,70,000 | 50,000 | - | ||||
| By Workers compensation | 29,169 | 20,831 | - | ||||
| By Bank | - | - | 1,50,000 | ||||
| By Revaluation | 8,750 | 6,250 | - | ||||
| By Goodwill | 3,500 | 2,500 | - | ||||
| 5,11,419 | 3,79,581 | 1,50,000 | 5,11,419 | 3,79,581 | 1,50,000 | ||
Balance Sheet as on 31.03.2018
| Liabilities | ₹ | ₹ | Assets | ₹ | ₹ |
| Sundry Creditor | 1,20,000 | Computer | 40,000 | ||
| Workman compensation fund | 10,000 | Motorcar | 1,60,000 | ||
| Capital | (+) Revalued | 40,000 | 2,00,000 | ||
| Anbu Cap | 5,11,419 | Stock | 4,00,000 | ||
| Shankar Cap | 3,79,581 | (-) Revalued | 20,000 | 3,80,000 | |
| Rajesh Cap | 1,50,000 | 10,41,000 | Sundry Debtors | 3,60,000 | |
| (-) Revalued | 10,000 | 3,50,000 | |||
| Bank | 40,000 | ||||
| (+) Rajesh Cap | 1,50,000 | 1,90,000 | |||
| Investment Goodwill | 5,000 6,000 | ||||
| 11,71,000 | 11,71,000 |
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.
State 'True' or 'False'
Profit on revaluation account is distributed between the old partners on admission of a partner.
Answer the following question in one sentence.
What shows credit balance of revaluation account ?
______ is credited when an unrecorded asset is brought into the business.
Find the Odd one.
The stock showed in Balance Sheet → Stock undervalued by 20% → Cost of Stock
₹1,60,000 → __________→ __________
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.
What would be the journal entry of when excess capital was withdrawn by the partner?
Balance in the Investment Fluctuation Reserve, after meeting the loss on revaluation of Investments, at the time of admission of a partner will be transferred to:
X and Y are partners in a firm with capital of ₹ 18,000 and ₹ 20,000. Z brings ₹ 10,000 for his share of goodwill, and he is required to bring proportionate capital for `1/3`rd share in profits. The capital contribution of Z will be ______.
