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प्रश्न
P, Q and R are partners in a firm. Q retires and his claim including his capital and his share of goodwill is ₹ 8,00,000. There was an unrecorded furniture valued at ₹ 60,000, three-fourth of which was given to an unrecorded creditor of ₹ 1,00,000 in settlement of his claim of ₹ 70,000 and remaining one-fourth was given to Q at ₹ 12,000 in part settlement of his claim. Balance of Q's claim was discharged by cheque.
Pass necessary Journal entries.
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उत्तर
| Journal Entries | ||||
|---|---|---|---|---|
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| 1. | Revaluation A/c ...Dr. | 30,000 | ||
| To Creditors A/c | 30,000 | |||
| (Being the remaining unrecorded liability of creditors recorded after partial settlement via furniture) | ||||
| 2. | Furniture A/c ...Dr. | 12,000 | ||
| To Revaluation A/c | 12,000 | |||
| (Being the remaining 1/4th unrecorded furniture brought into the books at its agreed valuation) | ||||
| 3. | P's Capital A/c ...Dr. | 6,000 | ||
| Q's Capital A/c ...Dr. | 6,000 | |||
| R's Capital A/c ...Dr. | 6,000 | |||
| To Revaluation A/c | 18,000 | |||
| (Being the net loss on revaluation distributed equally among the partners due to the absence of a specified profit-sharing ratio) | ||||
| 4. | Q's Capital A/c ...Dr. | 7,94,000 | ||
| To Furniture A/c | 12,000 | |||
| To Bank A/c | 7,82,000 | |||
| (Being the revised amount due to Q settled by handing over the furniture and paying the remaining balance by cheque) | ||||
Working note:
1. Adjustment of Unrecorded Furniture & Creditors
Total Unrecorded Furniture: ₹ 60,000
Total Unrecorded Creditor Claim: ₹ 1,00,000
Part A: 3/4th Furniture given to Creditors
Value of 3/4th Furniture = `60,000 xx 3/4 = 45,000`
Creditor's claim settled by this portion = ₹ 70,000
Remaining Unrecorded Liability to be recorded: 1,00,000 - 70,000 = 30,000 (debited to Revaluation Account)
Part B: 1/4th Furniture given to Q
Value of the remaining 1/4th Furniture = `60,000 xx 1/4 = 15,000`
Agreed value at which Q takes it = ₹ 12,000
Bringing this unrecorded asset into the books at its accepted value creates a revaluation gain of ₹ 12,000
2. Calculation of Net Revaluation Loss
Total Debit to Revaluation (Liability) = ₹ 30,000
Total Credit to Revaluation (Asset) = ₹ 12,000
Net Loss on Revaluation = 30,000 − 12,000 = 18,000
Each Partner's Share of Loss: 18,000 ÷ 3 = 6,000
3. Final Settlement Amount Due to Q
Initial determined claim of Q = ₹ 8,00,000
Less: Q's share of revaluation loss = ₹ 6,000
Revised Amount Due to Q: 8,00,000 − 6,000 = 7,94,000
Less: Portion settled via furniture = ₹ 12,000
Final Balance Paid by Cheque: 7,94,000 − 12,000 = 7,82,000
